A major shareholder, and one-time suitor, of BC Iron has disposed its stake in the miner nearly a month after it flagged the move.
Regent Pacific has sold its 20.1 per cent stake, worth about $80 million at current market prices, to a range of domestic funds through a book build that was completed earlier in the week.
The sale comes some 18 months after Regent tried to take over the Pilbara iron ore miner.
Shares in BC Iron closed up 1c to $3.41 today.
The miner also announced today that its $10 million share purchase plan was oversubscribed by about $3 million. As a result, it will scale back applications.