Bedford eliminates Ubiquity, Sheppard option payments
Executive Summary
- Bedford Metals Corp. settled option agreements to acquire 100 % ownership of the Ubiquity Lake and Sheppard Lake uranium projects.
- The settlements are satisfied by issuing a total of 3.05 million consideration shares at a deemed price of $0.225 per share, together with cash payments of $480,000 (Ubiquity) and $285,000 (Sheppard).
- Upon completion, Bedford will own the full 13,092‑hectare land package—including Cable Lake—and will consolidate the assets under the newly designated Sheppard Lake project, eliminating all future earn‑in obligations.
Key Details
- Consideration Shares Issued:
- 1.9 million shares for Ubiquity Lake (deemed $0.225/share) – cash component $480,000.
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1.15 million shares for Sheppard Lake (deemed $0.225/share) – cash component $285,000.
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Total Shares Issued: 3.05 million consideration shares.
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Cash Payments: $765,000 total ($480k + $285k).
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Resulting Ownership: Bedford will hold 100 % of the Ubiquity Lake, Sheppard Lake, and Cable Lake uranium projects (13,092 ha).
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Project Consolidation: All three properties will be unified under the “Sheppard Lake” project name.
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Strategic Impact: Eliminates all remaining earn‑in/royalty obligations, simplifies asset structure, and enhances flexibility for exploration and development in the southern Athabasca Basin.
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Regulatory Conditions:
- Settlement share issuance requires TSX Venture Exchange approval.
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Shares will be subject to a four‑month‑plus one‑day resale restriction per securities law.
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Insider Status: The optionors are arm’s‑length; the settlement shares do not create new insiders.
Notable Quotes
“Securing 100 % ownership across the entire Sheppard Lake project allows us to advance exploration and development with full flexibility, without any remaining earn‑in commitments.” – Peter Born, President, Bedford Metals Corp.