HUNTSVILLE, Texas, June 2, 2016 /PRNewswire/ -- Mitcham
Industries, Inc. ("Mitcham" or the "Company") (Nasdaq: MIND)
announced today that it has priced an underwritten public offering
of 320,000 shares of 9.00% Series A Cumulative Preferred Stock
("Series A Preferred Stock") at a price of $25.00 per share, pursuant to a registration
statement on Form S-1 previously filed with the U.S. Securities and
Exchange Commission (the "SEC"). In addition, Mitcham has granted
the underwriter a 30-day option to purchase from it an additional
48,000 shares of Series A Preferred Stock. Dividends on the Series
A Preferred Stock will be payable from and including the date of
original issue at a rate of 9.00% per annum of the $25.00 per share liquidation preference
(equivalent to $2.25 per annum per
share). The offering is expected to close on or about June 8, 2016, subject to customary closing
conditions
Mitcham expects to receive net proceeds of approximately
$7.02 million (or approximately
$8.1 million if the underwriter
exercises its option to purchase additional shares in full), after
deducting estimated underwriting discounts and commissions,
structuring fees and estimated offering expenses. Mitcham
intends to use all of the net proceeds of the offering to repay
indebtedness under its $30.0 million
revolving credit facility.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc., (NYSE MKT: LTS), is acting as
sole book-running manager for the offering.
A registration statement relating to these securities has been
filed with, and declared effective by, the SEC. This press release
shall not constitute an offer to sell or a solicitation of an offer
to buy nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
This offering will be made only by means of a written
prospectus. A copy of the prospectus for the offering may be
obtained, when available, from:
Ladenburg Thalmann & Co. Inc.
58 South Service Road, Suite 160
Melville, NY 11747
You may also obtain a copy of the final prospectus free of
charge at the SEC's website, www.sec.gov, under the registrant's
name "Mitcham Industries, Inc."
About Mitcham Industries
Mitcham Industries, Inc. provides equipment to the geophysical,
oceanographic and hydrographic industries. Headquartered
in Huntsville, Texas, Mitcham has
a global presence with operating locations in Salem, New Hampshire; Calgary, Canada; Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia; Budapest,
Hungary; Lima, Peru;
Bogota, Colombia and the
United Kingdom. Through its
Leasing Segment, Mitcham believes it is the largest independent
provider of exploration equipment to the seismic industry.
Mitcham's worldwide Equipment Manufacturing and Sales Segment
includes its Seamap business, which designs, manufactures and sells
specialized seismic marine equipment and Klein Marine Systems, Inc.
which develops and manufactures high performance side scan sonar
systems.
This release may include "forward-looking statements" within the
meaning of federal securities laws. Such forward-looking statements
are subject to a number of risks and uncertainties, many of which
are beyond the Company's control. All statements, other than
historical facts included in this release, are forward-looking
statements. All forward-looking statements speak only as of the
date of this release. Although the Company believes that the plans,
intentions and expectations reflected in or suggested by the
forward-looking statements are reasonable, there is no assurance
that these plans, intentions or expectations will be achieved.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such statements.
This release contains certain forward-looking statements that
are based on current plans and expectations and are subject to
various risks and uncertainties. The Company's business and any
offering may be influenced by many factors that are difficult to
predict, involve uncertainties that may materially affect actual
results and are often beyond the Company's control. These factors
include, but are not limited to, changes to business plans as
circumstances warrant, and the Series A Preferred Stock of the
Company may not ultimately be offered to the public because of
general market conditions or other factors. For a full discussion
of these risks and uncertainties, please refer to the "Risk
Factors" section of the Company's registration statement on Form
S-1 and Annual Report on Form 10-K and the information included in
subsequent filings it makes with the SEC.
Contacts:
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Rob Capps,
Co-CEO
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Mitcham Industries,
Inc.
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936-291-2277
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Jack Lascar / Jenny
Zhou
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Dennard ▪
Lascar Associates
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713-529-6600
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SOURCE Mitcham Industries, Inc.