Oglebay Norton receives $4 million from exercise of warrants

By Ted A. Knutson

Washington, March 4 - Oglebay Norton said it received $4 million from shareholders of record on the day it declared Chapter 11 who exercised warrants between Jan. 31 and March 2.

The Cleveland-based sand and mica mining company's reorganization became effective on Jan. 31.

Each warrant entitled the holder to one-tenth of a share of common stock in the company.

Proceeds from the warrants will be used for general corporate purposes.

Oglebay Norton made the announcement in an 8-K filing with the Securities and Exchange Commission.

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