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Magna plans $20 million private placement of stock
By Devika Patel
Knoxville, Tenn., Sept. 13 - Magna Entertainment Corp. announced it has entered into an agreement with Fair Enterprise Ltd. to raise $20 million in a private placement of class A stock.
The price per share will be the greater of either 90% of the volume-weighted average price per class A share on Nasdaq for the next five trading days beginning on Sept. 13, or $1.91, which is 100% of the volume-weighted average price per class A share on Nasdaq for the five trading days preceding this announcement.
Proceeds will be used to fund operations.
Closing is expected by the end of October.
Magna is a horse racetrack operator based in Aurora, Ont.
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