@Mondy,Good question and easily answered. But, my view and...

@Mondy,Good question and easily answered. But, my view and experience ... EXAMPLE ONLY

First, the key is who is most likely to hold for say > 6-12 months as there is no Director "Handcuffing" (escrowing) albeit that Directors would participate for say up to 20%.

Second, if the company is say about $150m market cap it would go to its proven (LTH's) invariably s708 Corps Law "Soph's" who invariably have a good record of holding the company's scrip and if LTH's may be personally with a sponsoring Broker restricted to say 30%, placement capability.
The BOD would know of a preferred Broker AND importantly who that Broker may place scrip. Some HNI's will invariably promise Brokers they are a mid term say 6-12 month hold - but dump: Both the Company and the Brokers soon learn who ... Black listed - unless the CR struggles5-10 people/ entities only.

Third, depending upon the quantum of scrip on hand and to be issued (New Issue) and what percentage of discounting (say 15-20%, only) look at a 1:5 to Retail for up to 50% Raising to EXISTING SH's but be wary as often Retail can (and possibly will) dump if the stock price holds. Or, escalates markedly after the CR. But, here the company gets "spread" ... but a very "untimely" exercise and seldom done these days but for the larger listed market cap companies although (substantially) can build brand/ company loyalty.

Forth, the above in the absence of a particular or 'Strategic' SH who subject to the SH Agreement/ Placement Offer/ document who themselves may be offered a 20+% placement directly. Often an Industry major Fund(er) or potential strategic partner in product or project development.

As stated the above is in response to your request - hopefully an insight to CR's I have had experience with but contrary to current placement practice in the small cap sector irrespective of Industry where Raisings are often done in 1-2 days to "Knowns" by either the Company or Broker(s) selected. Invariably the risk of an on-market pushdown to the placement pricing (but, not usually 5-10% below that price) from Fundies ...