Oglebay Norton to redeem 369,822 preferred shares

By Jennifer Chiou

New York, May 23 - Oglebay Norton Co. announced the redemption of 369,822 shares of its 14.8275% series A convertible preferred stock.

The Cleveland-based sand and mica mining company said it will redeem the shares at $13.52 per share on June 30 or holders can convert each preferred share into 1.2292 common shares.

Investors opting to convert their preferred shares must do so by 5 p.m. ET on June 23. The company's stock closed at $18.90 on Tuesday.

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