Ann: Global Institutions back Core Lithium $40 Million Placement, page-180

Whilst your opinion on be able to participate is valid, whether I agree or not with you. This statement is incorrect. The shares have not been issued yet and will be on the 12th. So no one has made millions on open at all. This is all retail trade mucking around and the insto's buying up cheap shares because they were scaled back by 80%.
The fact that a raise of this magnitude has been done with a price of 25c and 45c oppies says something about what the smart money thinks will be profitable for them. If they are smart we will see, but they usually are. You can bet against them that is your choice as well.