Archer increases shareholder cap due to heavily oversubscribed SPP

June 9, 2016

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The board of ASX-listed junior explorer Archer Exploration has elected to increase the previously announced shareholder cap of $500 000 to $2.03-million, owing to the heavily oversubscribed share purchase plan (SPP) that closed on Tuesday, which saw the company receive valid applications for $2.24-million from 361 shareholders. This was $204 644 over the maximum shareholder cap allowed under ASX listing rules, which was 30% of the company’s share capital.

Category: General