The company said Thursday that Solochek, a 30-year mining community veteran, currently advised industry businesses such as Norwest.

He served as a director of the now-defunct National Coal from April 2009 to December 2010, was executive vice-president and chief financial officer of Vulcan Capital Management and Triton Coal, and served as board chairman for Elk Horn Coal.

Novadx said the University of Wisconsin graduate brought experience in treasury, tax and risk management, and was a good addition to its audit committee, which he would chair.

“Marc's financial experience will be of great value as we work to complete our proposed capital restructuring and his direct experience in the coal industry will be invaluable as we position the company for meaningful growth,” chief executive officer Daniel Roling said.

It has also been a big week for Novadx operationally. Just two days ago the firm entered a deal to acquire a coal mine, rail load-out facility and coal preparation plant adjacent to its existing Rex operation in eastern Tennessee.

The deal, still subject to approval from the Toronto Stock Exchange, would see Justice Corporation subsidiaries Premium Coal and National Coal transfer the assets to the Vancouver-based developer for $US8.5 million.

The mine to be acquired is five miles from Novadx’s Rex mine, is fully permitted and contiguous with the Rex coal seam.

Acquisition of the preparation plant and rail infrastructure is projected to allow for a more rapid start-up of mining operations and broadened marketing opportunities.