NewGrowth Corp Announces Completion of $30.7 Million Offering of Class B Preferred Shares, Series 2

    TORONTO, June 26 /CNW/ - NewGrowth Corp (the "Company") announced today
that it has completed its public offering of Class B Preferred Shares, Series
2 (the "Series 2 Preferred Shares"), raising approximately $30.7 million
through the issuance of 2,238,510 Series 2 Preferred Shares at a price of
$13.70 per Series 2 Preferred Share. The Series 2 Preferred Shares were
offered to the public by a syndicate of agents led by Scotia Capital Inc.
    The Series 2 Preferred Shares were offered in order to maintain the
leveraged "split share" structure of the Company following the successful
reorganization of the Company approved by shareholders on May 11, 2009 which,
among other things, extended the redemption date of the Capital Shares for an
additional five year term. With the closing of the offering, there will be
2,238,510 Capital Shares and 2,238,510 Series 2 Preferred Shares issued and
outstanding on the close of business on June 26, 2009.

    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 are listed
for trading on The Toronto Stock Exchange under the symbols NEW.A and the
Series 2 Preferred Shares will be listed for trading under the symbol NEW.PR.C
as June 26, 2009.

For further information:

For further information: Investor Relations, NewGrowth Corp., (416)
862-3931, E-mail:, Web site:

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