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Oglebay Norton to redeem 369,599 preferred shares
By Jennifer Chiou
New York, June 29 - Oglebay Norton Co. announced it will redeem 369,599 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 July 28 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 July 21.
On May 23, the company announced the redemption of 369,822 preferred shares. As of June 23, 369,643 of those shares were converted into 454,335 common shares.
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