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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