Mitcham Industries Announces Public Offering of Common Stock

Mitcham Industries, Inc. MIND today announced that it is offering to sell shares of its common stock in an underwritten public offering. Mitcham also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. 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.