PERTH (miningweekly.com) – The share price of junior BC Iron took a slight stumble on Friday on news that founding shareholder Consolidated Minerals had sold off its 23.1% shareholding in the iron-ore miner.
BC Iron has confirmed that Consolidated Minerals, which had vended a portion of the tenements comprising BC’s flagship Nullagine project into the company, had sold all of its 28.52-million shares in the company.
The shares were sold at a price of A$3.90 each to a range of institutional investors by way of a book build.
The ASX-listed iron-ore miner said that the sale of the shares increased the company’s free-float, and was expected to further improve the company's liquidity.
BC Iron’s shares were trading at a low of A$3.96 on Friday, down from an opening price of A$4.08 a share.