Ann: Becoming a substantial holder from IFL, page-2

Simple illustration of how institutional investors profit from inside knowledge:

Timeline

15/2 Doray advises ‘certain’ investors they are looking to raise capital (not public knowledge)
IFL sees opportunity to make quick profit and tell Doray they want in on the placement, no doubt influencing the final price of the placement too.
15/2 IFL finds an on market buyer (some uninformed sucker) and sells 5.129mil DRM stock @ avg of 30.4cents each (note the unusual large spike in volume that day.... that’s from this trade)
20/2 Trading halt announced about capital raising
22/2 $25mil raised at 28cents each
IFL replenishes it’s 5.129mil stock in the cap raise (and more) at 2.4cents a share less than they sold it for 5days earlier
Profit - $123k
I wonder who the buyer was who got stiffed into paying the 30.4cents?