VANCOUVER, British Columbia, June 18, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM) (the “Company” or “Bedford”) is pleased to announce that it will conduct a non-brokered private placement (the “Financing”) to raise up to $5 million through the offering of up to 2,222,223 common shares at a price of $2.25 per share.
The Financing represents an opportunity for the Company to bolster its exploration and development activities across its portfolio of mineral projects. With a focus on enhancing shareholder value, the Company plans to allocate the funds to accelerate exploration programs, evaluate strategic growth opportunities, and for general corporate purposes.
Peter Born, President of Bedford, commented, "We are excited to pursue this Financing to advance our mineral projects further and continue building shareholder value. The support from the market underscores confidence in Bedford's development plans and will enable us to execute our strategic initiatives effectively. We look forward to deploying additional financing prudently to drive growth and maximize the potential of our assets."
Completion of the Financing remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the Financing will be subject to restrictions on resale for four months and one day in accordance with applicable securities laws.
Bedford remains committed to maintaining the highest standards of environmental stewardship in all its exploration and development activities. The Company emphasizes responsible resource development practices and is dedicated to engaging collaboratively with local communities and indigenous tribes to ensure sustainable outcomes.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production.
The Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the bottom lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit, the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing Key Lake uranium mine, underscoring the strategic significance of its location.
The Close Lake Uranium Project lies on the eastern side of the Athabasca Basin, adjoining claims held by Cameco Corporation, the largest uranium producer in the world. The claim is approximately 245 hectares and lies within the primary exploration corridor, which hosts the Keys Lake Mine, the Cigar Lake Mine and the McArthur River Mine. Access to the property is done through a network of roads and trails.
For further information, please contact the Company at info@bedfordmetals.com or 604-622-1199 or visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CONTACT:
Alex Zertuche
For E.S.T Office Hours, Call 1 416-477-0587