Mayers was chairperson of the company’s audit committee during the tenure of his directorship.

“The company is reviewing the structure and composition of its board in light of the strategic review process that it announced on June 23, 2014,” Coalspur said.

“An announcement regarding this, including the naming the new chairperson of the audit committee, will be made in due course.”

Last month Coalspur selected Thiess as its preferred mining contractor for its Vista coal project in British Columbia and secured an additional $US10 million ($A10.6 million) funding through its debt facility with EIG Global Energy Partners.

The $10 million working capital will be used to progress Vista and enable Coalspur to conduct a strategic review process over the rest of 2014 and into early 2015.

The strategic alternatives that will be pursued and reviewed by Coalspur may include full funding of the Vista project, the sale of all or a portion of the company’s assets, formation of a joint venture, the outright sale of the company, a merger or other business combination transaction involving a third party and a refinancing and recapitalisation.

The strategic review process is also a requirement under the EIG letter agreement.