Inform Worldwide Holdings subsidiary, One World Energy Corporation, announced that it entered into an Independent Contractor Agreement with Ralph Smith & Son. Under the terms, the subsidiary will grant Smith & Son the right of first refusal as mining operator for acquired surface coal mining projects and One World Energy will supply the necessary operating capital and equipment.
Smith & Son will receive 40% of the net revenue and was given the rights and privileges to the Motoncha and Selinger Leases. Upon the signing of the lease, the subsidiary completed the acquisition of all the leases that make up the Nowrytown No.1 Mine Site. The Nowrytown No.1 Mine Site covers 293 acres and has produced approximately 3,000 tons of coal per month in the past.
One World Energy and Smith & Son also signed a Contract Mining Agreement for the Nowrytown #1 Mine project. The terms were similar to the first in which the subsidiary will supply all the necessary equipment and operating capital, and Smith & Son will receive 40% of the net revenue.
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