From another forum:"...According to the latest regulatory...

From another forum:

"...According to the latest regulatory filings of the 641 odd million shares Steyn and Smart jointly own 154 million shares and of course they control Borrowdale(registered Panama) which in turn owns about 154 million shares. By my math that is 48% of the stock. It is difficult to know how far those two individuals can influence other shareholders to take them past the 50% mark and full control or to determine if they have other less obvious holdings that give them effective."

So Borrowdale is Steyn and Smart and they own 48% of Coalspur

Interesting reading from:
http://www.stockhouse.com/companies/bullboard/t.cpt/coalspur-mines-limited?postid=22610623