Oglebay Norton calls 2.22 million more shares

By Laura Lutz

Des Moines, Aug. 1 - Oglebay Norton Co. announced it will redeem an additional 2,218,650 shares of its 14.8275% series A convertible preferred stock.

Holders can convert each preferred share into 1.2292 shares of common stock or redeem it for $13.52 in cash.

Shares not converted by 5 p.m. ET on Aug. 24 will be redeemed on Aug. 31.

The Cleveland-based sand and mica mining company has called 1,108,618 shares of its preferred stock over the last few months.

On May 23, the company announced the redemption of 369,822 preferred shares, and 369,643 of those shares were converted into 454,335 common shares as of June 23.

On June 29, another 369,599 shares of preferred stock were called for redemption, and on July 28 369,288 of those shares were converted into 453,900 shares of common stock.

On July 24, Oglebay called 369,197 more shares. The redemption deadline for that round is Aug. 16.

Oglebay stock closed at $20.00 on July 31 (Pink Sheets: OGBY).

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