Ann: $25M Placement To Fast Track Expansion Plans-BLK.AX, page-185

institutional placements : this is the inherent danger to the smaller, committed shareholders .
It's OPM- Other Peoples Money. The insto gold sector - Evolution, Northern Star, regis etc is in retreat at the moment . So it's not difficult for your average fund manager to justify quitting at a loss at these prices.
When the sector is performing ..that the time when insto placements can be a godsend to the average punter .