SAExploration Holdings Inc. (NASDAQ: SAEX, OTCBB: SAEXW) (SAE) has commenced an offer to exchange warrants to purchase 15.0 million shares of its common stock for up to 1.5 million shares of its common stock.
Under the terms of the warrant exchange offer, each of SAE's warrant holders will have the opportunity to receive one share of SAE common stock in exchange for every ten of its outstanding warrants tendered by the holder and exchanged pursuant to the offer. The offer will be open to all holders of warrants issued by SAE, and each holder may exchange all or less than all of its warrants. SAE will pay cash in lieu of issuing fractional shares of common stock to any holder of warrants who would otherwise have been entitled to receive fractional shares.
The warrant exchange offer will be open for at least twenty business days starting on January 7, 2014, and is scheduled to expire on February 7, 2014, at 5:00 p.m. Eastern Time, unless extended or earlier terminated by the company.
A copy of the offering materials for the warrant exchange offer may be obtained from MacKenzie Partners Inc., the information agent for the offer.
SAE is a vertically-integrated provider of 2D, 3D and 4D seismic data and logistical services with operationsthroughout South America, North America, and Southeast Asia. SAE provides a wide range of services to its clients, including surveying, program design, logistical support, data acquisition, processing, infrastructure implementation, camp services, catering, environmental assessment and community relations.