Update 7.x-1.2 fails on PHP 5.3

When updating to 7.x-1.2 on PHP 5.3 I'm getting the following fatal:

Argument 1 passed to _range_update_instances() must be an instance of callable, string given, called in range.install on line 109 and defined in _range_update_instances() (line 54 of range.install).

Problem seems to arise form the fact that PHP 5.3 doesn't support the callable type hint provided in _range_update_instances().

Using call_user_func() within _range_update_instances() got the updates processed without issue - from what I have been able to test. I'll post the patch below.