BC Iron's one-time suitor Regent Pacific has offloaded its 20.1 per cent stake in the iron ore miner after flagging the stake disposal last month.

The Hong Kong-based investor sold more than 24 million shares in BC to a range of domestic "long only" funds by way of a bookbuild on Tuesday night.

BC Iron also said its recently announced $10 million share purchase plan had closed $3 million oversubscribed.

The issue would have to be scaled back with the company expected to issue the new shares later this month.

The $10 million SPP was part of a wider equity and debt raising launched for the $190 million acquisition of a further 25 per cent in its Nullagine iron ore project from joint venture partner Fortescue Metals Group.