The new directors are Paul D’Sylva, whose past roles include being managing director of biotech Pharmaust, and Timothy Morrison.
The pair have worked together at independent advisory firm, Empire Equity.
Mr King had been with the company since 2009 and previously served in senior roles with Goldstar Resources and Tectonic Resources.
At close of trade today, Alcyone shares had plunged 26.9 per cent, trading at 1.9 cents.
Meanwhile, Alycone today announced its intention to raise $2.5 million by taking on debt funding in the shape of promissory notes.
In December 2012, Alcyone announced that equipment breakdowns, in addition to cyclonic rain and unavailability of equipment, had caused operational problems at its Texas silver mine in south east Queensland.
The company’s share price has been in decline since October 2012, losing well over half its value.
In February, Alcyone said it had secured $5.5 million in working capital through convertible securities agreements with investment funds Bergen and Yorkville, to assist with the development of its Texas silver mine.
It is not known whether the capital agreements were finalised in the wake of the company’s sliding stock price.
Alcyone director Timothy Morrison could not be reached for comment.