Mitcham Industries Prices Public Offering of 9.00% Series A Cumulative Preferred Stock

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.

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SOURCE Mitcham Industries, Inc.