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Preheat oven to 300°F. Heat a 4-quart saucepan over medium heat. Add brown sugar, granulated sugar, margarine and salt; cook, stirring, until just boiling and sugar is dissolved. Remove from heat; stir in vanilla. Add popcorn and toss until coated.
Place the coated popcorn in a shallow roasting pan. Bake, uncovered, for 15 minutes, stirring once. Transfer to a large piece of foil or a large roasting pan to cool.