Riviera Resources opens $2.5m IPO

Subiaco-based Riviera Resources Ltd has opened its $2.5 million initial public offer with funds to contribute to exploration costs at its Three Sisters project in Queensland.

The company this week launched its IPO which is offering 12.5 million shares priced at 20 cents each.

The company plans to spend $1.1 million over two years on exploration at the Three Sisters project, where the target commodities are gold and base metals.

The project has undergone only reconnaissance exploration which has identified a number of targets.

Riviera said it also intends to seek out other projects both in Australia and overseas.

On the board is non-executive chairman Mark Foster, managing director and company secretary Philip Re, non-executive director Paul Lloyd and non-executive technical director Nicholas Revell.

The offer is scheduled to close on July 28 and the company anticipates listing on the Australian Securities Exchange on August 1.