HUNSTVILLE, Texas, June 17, 2011 /PRNewswire/ -- Mitcham Industries,
Inc. (NASDAQ: MIND) ("Mitcham" or the "Company") today announced
that it has priced an underwritten public offering of 2,000,000
shares of its common stock at a price to the public of $14.50 per share, for gross proceeds of
approximately $29.0 million.
The net proceeds to Mitcham from this offering are expected
to be approximately $27.1 million,
after deducting underwriting discounts and commissions and other
estimated offering expenses. Mitcham has granted the underwriters a
30-day option to purchase up to 300,000 shares of its common stock
to cover over-allotments, if any. The offering is expected to
close on or about June 22, 2011,
subject to customary closing conditions.
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 Thalmann & Co. Inc. is acting as the
co-manager in this offering.
The shares will be issued pursuant to a prospectus supplement
and an accompanying prospectus filed as part of an effective shelf
registration statement filed with the Securities and Exchange
Commission (the "SEC") on Form S-3. 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. A final prospectus supplement relating to
these securities will be filed with the SEC and, when available,
may be obtained from the above-mentioned SEC website 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 shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Mitcham, 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.
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.