Ann: $4.4M Raised in Strongly Supported Placement, page-7

I don't think it should be a surprise to anyone that if placees are offered a discount, that enough of them will take advantage of an immediate profit to make it painful for other shareholders. On the plus side, I suppose if you're a buyer then the cheaper they are, the better.

The reason usually given for placings rather than opening it to current shareholders, is that it is a bit more expensive and takes longer. If they need the cash quickly, this is the better option.