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Oct. 13, 2005, 6:11 a.m. EDT

TGC Industries closes on stock offering

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By Mike Maynard

WASHINGTON (MarketWatch) -- TGC Industries Inc. said it's netted about $38.1 million in proceeds from a stock offering. The company closed on the offering of 5.5 million common shares, which were priced at $7.50 each. The Plano, Texas-based seismic-data company has earmarked the proceeds for, among other things, the acquisition of additional equipment and the repurchase of stock purchase warrants exercisable into more than 3.5 million common shares. Shares of TGC Industries ended Wednesday's trading at $7.24, up 7 cents.

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