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.
