Utility Corp. Closes 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, Sept. 17 /CNW/ - Utility Corp. (the "Company") is pleased to announce that the Company has issued to eligible holders of record as at the close of business on September 16, 2010 one warrant for each Class C Share held.

Each warrant will entitle the holder to purchase one Class C Share for a subscription price of $19.26 per Class C Share. Commencing September 17, 2010, warrants may be exercised at any time on or before 5:00 p.m. (Toronto time) on March 21, 2011. The warrants are listed on the Toronto Stock Exchange under the ticker symbol UTC.WT.

Shareholders are entitled to receive dividends on Class C Shares as declared by the Board of Directors of Utility Corp. It is the Company's policy to declare and pay equal monthly dividends on the outstanding Class C Shares based on revenue received less expenses.

Utility Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian utility and telecommunication issuers. The Class C Shares of Utility Corp. are listed for trading on the Toronto Stock Exchange under the symbol UTC.C.

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For further information: Investor Relations, Utility Corp., [phone], E-mail: [email protected], Web site: www.scotiamanagedcompanies.com, 26th Floor, 40 King Street West, Toronto, Ontario M5W 2X6 Tel: [phone], Fax: [phone]