Im just curious how these broker placements work. My knowldedge...

Im just curious how these broker placements work. My knowldedge is not great here.

The placement at 50c was taken up six months ago, and the shareprice halved.
Then the placement at 26c recently and it was taken up too, without any problems. Why
is it so easy to source funds in an ER?

Now my question is who took up the 26c offer? and why is it so easy to find $4 million, when
your company share price is tanking?
Are these investors extremely rich, that they can throw $4 into a spec stock and not
worry about it? Please explain here..

Of course if they happen to be billionaires then $4mill is nothing.. An analogy would be to someone
who owned billions of dollars, then that money would feel like only $400 (relative compared to
someone like me). 
Yes I would invest $400 at 26c.

So Im just wondering who these spec investors are...