Private placements are almost universally done with "special" investors- and almost always very limited in numbers -usually 1 or 2 investors. People close to the action but not in the public eye, and certainly wouldn't have the time to post on a BB. Usually a very wealthy individual that can easily do the investment over the phone, and courier the check. I do seed rounds for pre-IPOs all the time. Similar circumstances, usually about 20 individual investors, and less than 200.
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