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.
BC Iron shares were steady at $3.40 at 12.30pm.