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MAGNA INTERNATIONAL FILES WITH SECURITIES AND EXCHANGE COMMISSION

 MAGNA INTERNATIONAL FILES WITH SECURITIES AND EXCHANGE COMMISSION
 MARKHAM, Ontario, June 1 /PRNewswire/ -- Magna International Inc. (NASDAQ: MAGAF) today announced that it has filed with the Securities and Exchange Commission in the United States and will file with the Ontario Securities Commission and with the securities regulators in the other Provinces of Canada, a preliminary short form prospectus under the Multijurisdictional Disclosure System for an issue of 3.2 million Class A subordinate voting shares (prior to giving effect to any exercise of the underwriters' 10 percent over-allotment option) at a price of CDN. $32.25 per share.
 The issue is being underwritten in Canada by Richardson Greenshields of Canada Limited, Burns Fry Limited, ScotiaMcLeod Inc., First Marathon Securities Limited and Bunting Warburg Inc. Offers of shares may be made in the United States by registered broker-dealers. The offering will be made by means of a prospectus only. Proceeds from this offering will be used in the short term to reduce bank debt and, thereafter, for general corporate purposes, including, where opportunities in the automotive industry warrant, the improvement or enhancement of existing facilities or the construction of additional automotive parts manufacturing facilities.
 A registration statement and/or prospectus relating to these securities has been filed with the regulatory authorities referred to above but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities laws in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Copies of the preliminary short form prospectus may be obtained from Richardson Greenshields at 130 Adelaide St. W., 12th Floor, Toronto, Ontario, or from any of the other underwriters referred to above.
 -0- 6/1/92
 /CONTACT: David A. Copeland, executive vice president and chief financial officer of Magna International, 416-477-7766/
 (MAGAF) CO: Magna International Inc. ST: Ontario IN: SU:


SM -- NY027 -- 5576 06/01/92 10:12 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
Words:363
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