Regent to sell its stake in BC Iron for A$81.6m
PERTH (miningweekly.com) - Iron-ore miner BC Iron on Friday confirmed that major shareholder Regent Pacific Group had placed its entire 20.1% shareholding in the company up for sale.
In a statement earlier this week, Regent Pacific said the placement of its more than 24-million shares in BC Iron at A$3.40 a share would raise around A$81.6-million in gross proceeds.
Meanwhile, BC Iron also reported on Friday that its own A$10-million share purchase plan, which had closed on January 16, had been oversubscribed by some A$3-million.
The company said that, as a result of the oversubscription, applications would be subject to scale-back.
BC Iron shares were trading at a high of A$3.45 a share on Friday.
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