I've seen it a number of times in the mining sector.  I can't recall an example at present, but it doesn't happen often - wild ass guess would be 1 in 20, but it depends of market conditions.  When juniors and explorers are hot it happens more often, because thay are all workding harder and are in need of funds for more than just keeping the lights on.

It used to be that the primary reason for RS was it was typically demanded by the financial institutions that would particpate in them.  Bankers and security firms who have done this were kind['a forced out of the market follwoing the Finacial Crisis, so they have been more rare since.

Then, there is no reason for them other than market psychology in that so many people feel that companies with low share prices are avoided by large investors.  That may be the case, but it really makes little difference to the eventuall overall capitalized value of the company.

The take home is that when a RS is done as the fundamentals behind a company are improving, the overall capitalized value can go up to the benefit of shareholders, regardless of the number of shares oustanding.  ...best case is a RS soon followed by discovery, OR discovery, RS, and then improving reports from the field, though discovery is not is not alway a prerequisit if other positives are evolving - new board members, new press and PR coverage, newsletter writer coverage, etc..

Also, and FWIW, I don't recall seeing a RS done as a consequence of entering a partnership.

Hope this helps.

VP