SEARCH NEWS:

 

MEC files to sell securities

AURORA, Ontario – (PRESS RELEASE) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA) announced today that it has filed a shelf registration statement on Form S-3 (the "U.S. Registration Statement") with the United States Securities and Exchange Commission (the "SEC") and a preliminary short form base shelf prospectus (the "Canadian Prospectus") with the securities commissions in each of the Provinces of Canada (collectively, the "Canadian Securities Commissions"). After the U.S. Registration Statement is declared effective by the SEC and the Canadian Prospectus receives a final receipt by the Canadian Securities Commissions, MEC will be able to offer and sell up to U.S. $500 million of its equity securities (including stock, warrants, units and, subject to filing a Canadian rights offering circular or prospectus with the Canadian Securities Commissions, rights) from time to time in one or more public offerings or other offerings. The terms of any such future offerings would be established at the time of such offering. The U.S. Registration Statement and Canadian Prospectus are intended to give MEC the flexibility to take advantage of financing opportunities when and if deemed appropriate by MEC.

The U.S. Registration Statement has not yet become effective, and the Canadian Prospectus has not yet received a final receipt. Securities may not be sold nor may offers to buy be accepted prior to the time the U.S. Registration Statement becomes effective and the final Canadian Prospectus is receipted, nor may sales be effected in the absence of a prospectus supplement setting forth the terms and conditions of any specific offering of securities.

< Gaming News