HUNTSVILLE, Texas, May 18, 2016 /PRNewswire/ -- Mitcham
Industries, Inc. ("Mitcham" or the "Company") (Nasdaq: MIND)
announced today that it has commenced an underwritten public
offering of 600,000 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 expects to
grant the underwriter a 30-day option to purchase from it an
additional 90,000 shares of Series A Preferred Stock.
Mitcham intends to use the net proceeds of the offering to repay
indebtedness under its $30.0 million
revolving credit facility and the remaining net proceeds, if any,
to repay indebtedness under the term loan under its $15.0 million credit facility.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc., (NYSE MKT: LTS), will act as sole
book-running manager for the offering.
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time that the registration statement becomes effective. 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 preliminary 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.