Newalta Income Fund Closes $100 Million Convertible Unsecured Subordinated Debenture Offering



    /NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
    IN THE UNITED STATES/

    TSX Trading Symbol: NAL.UN

    CALGARY, Nov. 16 /CNW/ - Newalta Income Fund ("Newalta") announced today
the closing of its $100 million Convertible Unsecured Subordinated Debenture
offering. The underwriting syndicate was led by CIBC World Markets Inc. as the
sole bookrunner, and co-led by RBC Capital Markets.
    The net proceeds from the sale of the Debentures will be used to repay
outstanding indebtedness borrowed to fund acquisitions and growth capital
expenditures in 2007. The securities offered have not been and will not be
registered under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons except in certain
transactions exempt from the registration requirements of the U.S. Securities
Act.

    Newalta Income Fund is the largest Canadian industrial waste management
and environmental services provider and focuses on maximizing the value
inherent in industrial waste through the recovery of saleable products and
recycling. It also provides environmentally sound disposal of solid,
non-hazardous industrial waste. With talented people and a national network of
facilities, Newalta serves customers in the automotive, forestry,
manufacturing, mining, oil and gas, petrochemical, pulp and paper, steel and
transportation service industries. Providing solid investor returns,
exceptional customer service, safe operations and environmental stewardship
has enabled Newalta to expand into new service sectors and geographic markets.
Newalta Income Fund's units trade on the TSX as NAL.UN. For more information,
visit www.newalta.com.





For further information:

For further information: Anne M. MacMicken, Director, Investor
Relations,  (403) 806-7019


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