HUNSTVILLE, Texas, June 16, 2011 /PRNewswire/ -- Mitcham Industries,
Inc. (NASDAQ: MIND) ("Mitcham" or the "Company") today announced
that it is offering to sell shares of its common stock in an
underwritten public offering. Mitcham also expects to grant
the underwriters a 30-day option to purchase up to an additional
15% of the shares of common stock offered in the public offering to
cover over-allotments, if any. The offering is subject to
market conditions, and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
Mitcham intends to use the net proceeds from this offering to
repay borrowings under its revolving credit facility, to purchase
seismic lease pool equipment and for general corporate
purposes.
Global Hunter Securities, LLC is acting as sole book-running
manager, and Ladenburg Thalman & Co, Inc. is acting as the
co-manager in this offering. A shelf registration statement
on Form S-3 relating to the public offering of the shares of common
stock described above was filed with the Securities and Exchange
Commission (SEC) and is effective. A copy of the preliminary
prospectus supplement and the accompanying base prospectus relating
to this offering may be obtained from the SEC's website at
http://www.sec.gov, or from Global Hunter Securities, LLC, 777
Third Avenue New York, New York
10017 or via telephone at (646) 264-5600 or from Ladenburg Thalmann
& Co. Inc., 520 Madison Avenue, 9th Floor New York, New York 10022 or via telephone at
(212) 409-2000.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor will
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale is not
permitted.
About Mitcham Industries, Inc.
Mitcham Industries, Inc., a geophysical equipment supplier,
offers for lease or sale, new and "experienced" seismic equipment
to the oil and gas industry, seismic contractors, environmental
agencies, government agencies and universities. Mitcham is
headquartered in Texas, with sales
and services offices in Calgary,
Canada; Brisbane,
Australia; Singapore; Ufa,
Bashkortostan, Russia;
Lima, Peru; Bogota, Colombia and the United Kingdom and with associates throughout
Europe, South America and Asia.
Forward-Looking Statements
This press release includes statements regarding the offering
that may constitute forward-looking statements within the meanings
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements involve known and unknown risks
and uncertainties (some of which are beyond Mitcham's control) that
may cause actual results to differ materially from such
forward-looking statement. Examples of such risks and
uncertainties, including those related to the offering of Mitcham's
securities and its operations, are described in Mitcham's filings
with the SEC including, the most recent reports on Forms 10-K,
10-Q, and 8-K, and any prospectus relating to the sale of Mitcham's
securities, as well as any amendments thereto. When you
consider these forward-looking statements, you should keep in mind
these factors. Mitcham assumes no duty to update or revise
its forward-looking statements to reflect new information or
events.
Contacts:
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Billy F. Mitcham, Jr.,
President & CEO
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Mitcham Industries,
Inc.
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936-291-2277
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Jack Lascar / Karen
Roan
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Dennard Rupp Gray &
Lascar (DRG&L)
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713-529-6600
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SOURCE Mitcham Industries, Inc.