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MAGNA INTERNATIONAL SELLS SHARES

 MAGNA INTERNATIONAL SELLS SHARES
 MARKHAM, Ontario, June 16 /PRNewswire/ -- Magna International Inc.


(NASDAQ: MAGAF; Toronto Stock Exchange: MG.A, MG.B) announced today that it has completed the previously announced sale of 3,200,000 class A subordinate voting shares at Cdn.$32.25 per share. It also announced that an additional 320,000 class A subordinate voting shares had been purchased by the underwriters at the same price through the exercise in full of their 10 per cent over-allotment option. The shares were sold to the public in both Canada and the United States using a short form prospectus filed in both jurisdictions in accordance with the Multijurisdictional Disclosure System. The transaction was underwritten by Richardson Greenshields of Canada Limited, Burns Fry Limited, ScotiaMcLeod Inc., First Marathon Securities Limited and Bunting Warburg Inc.. The proceeds from the offering, totalling approximately Cdn.$109 million, 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.
 -0- 6/16/92
 /CONTACT: David Copeland, executive vice-president and chief financial officer of Magna International, 416-477-7766/
 (MAGAF) CO: Magna International Inc. ST: Ontario IN: AUT SU: OFR


TQ -- NY021 -- 0562 06/16/92 10:11 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:222
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