Mitcham Industries Prices Public Offering at $14.50/Share; 2M Shares of Common Stock

Mitcham Industries, Inc. MIND 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.