LTS Ladenburg Thalmann Financial Services Inc

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.

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SOURCE Mitcham Industries, Inc.