NewGrowth Corp. Announces Closing of Warrant Offering

THIS PRESS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

TORONTO, April 5 /CNW/ - NewGrowth Corp. (the "Company") is pleased to announce the closing of its warrant offering. The gross proceeds of the offering totaled $91.5 million, representing 100% of the maximum available subscription amount.

The net proceeds of the offering will be invested in accordance with the investment objectives of the Company.

NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian chartered banks, telecommunication, pipeline and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are all listed for trading on The Toronto Stock Exchange under the symbols NEW.A and NEW.PR.C respectively.

SOURCE NewGrowth Corp.

For further information:

Investor Relations
NewGrowth Corp.
(416) 862-3931
E-mail: mc_newgrowth@scotiacapital.com
Web site: www.scotiamanagedcompanies.com


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