These things are always a bit of a rort in the favour of sophisticated investors.
Frankly, if someone said to you:
"give me $1 Mil and I'll give you shares at 33cents and tomorrow you can sell the shares on the market for 15-20% premium and make $150-200k in 24 hours"
you'd be crazy to say no but the losers are the "unsophisticated investors"....like me.