Whitesburg operates, mines and markets thermal coal in eastern Kentucky for sale to electric utilities for use in coal-fired power plant.
Universal Bioenergy signed a letter of intent in September 2011 for acquisition of a stake in the coal mine.
In December 2011, the company entered into an agreement to acquire a major stake in the interests and assets of Whitesburg from JLP & Partners.
The final terms and conditions of the acquisition are being negotiated and will be determined in the definitive agreement.
