DARTMOUTH, N.S., Dec. 14, 2012 /CNW/ – Newfoundland Capital Corporation
Limited (“NCC”) announced today its wholly-owned subsidiary, Newcap
Inc, has received approval from the Canadian Radio-television and
Telecommunications Commission for the purchase of 70.1% of the shares
of 3221809 Nova Scotia Limited which holds the CKCH-FM radio broadcast
licence in Sydney, Nova Scotia. This transaction increases Newcap’s
ownership interest to 100% and is expected to be completed within the
next 60 days.

“The acquisition of The Eagle in Sydney provides a great complement to
our existing station, The Giant, and we look forward to expanding our
presence in the community,” commented Rob Steele, President and Chief
Executive Officer of NCC.

About Newfoundland Capital Corporation Limited
Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada’s leading radio broadcasters with 86 licences across Canada.
The Company reaches millions of listeners each week through a variety
of formats and is a recognized industry leader in radio programming,
sales and networking.

SOURCE NEWFOUNDLAND CAPITAL CORPORATION LIMITED