One possibility is the directors were previously buying in an...

One possibility is the directors were previously buying in an attempt to stimulate buying and get the price up in order to limit dilution.

An additional possibility (not incompatible with the above) is that any placees have sold stock to achieve the opposite effect, i.e. to reduce their purchase price.

What is strange to me is that directors traded stock most likely knowing that funds were going to be raised. They are not supposed to be allowed to do this, although it is impossible to verify.