O'Leary Canadian Income Opportunities Fund successfully closes its $126,000,000 million IPO - OCY.a is now trading on the Toronto Stock Exchange



    TORONTO, May 28 /CNW/ - O'Leary Funds Management LP is pleased to
announce that the O'Leary Canadian Income Opportunities Fund (the "Fund") has
completed today its initial public offering (the "Offering") of 10,500,000
Units at a price of $12.00 per Unit for aggregate gross proceeds of
$126,000,000 million. The Fund has granted the agents an over-allotment option
to acquire up to an additional 1,575,000 Units.
    The Fund is an investment trust governed by the laws of the Province of
Ontario. Each Unit consists of one transferable trust unit ("Trust Unit") and
one Trust Unit purchase warrant ("Warrant"). The Units will separate into
Trust Units and Warrants upon the earlier of the closing of the Over-Allotment
Option and the 30th day following the closing of the Offering. Each Warrant
entitles the holder to purchase one Trust Unit at a subscription price of
$12.00 on or before 5:00 p.m. (Toronto time) on November 30, 2010 (the
"Warrant Expiry Time"). Warrants not exercised by the Warrant Expiry Time will
be void and of no value. Once separated, the Trust Units and the Warrants will
trade on the Toronto Stock Exchange independently under the symbols: OCY.un
and OCY.wt.
    The Fund has been created to invest in an actively managed portfolio
comprised primarily of publicly-traded securities of mid and large-cap issuers
domiciled in Canada providing investors with both income and potential for
capital appreciation. The Fund will invest primarily in corporate bonds,
convertible debt securities, preferred shares, as well as income trust units
and dividend-paying equity securities of such issuers. Stanton Asset
Management Inc. ("Stanton" or the "Portfolio Advisor") believes that market
conditions have become attractive for investing in income-generating
securities of mid and large-cap issuers domiciled in Canada, including
securities that are senior to common equities and securities of income trusts.
    The Fund will permit investors to capitalize on the knowledge and
capabilities of Stanton and Savtrev, Inc. ("O'Leary") who will work together
to identify securities providing income and the potential for capital
appreciation. The Portfolio Advisor and O'Leary believe that a portfolio of
primarily Canadian corporate bonds, convertible debt securities, preferred
shares, income trust units and dividend-paying equities, will provide
investors with the opportunity to earn attractive total returns and income,
while diversifying risk.

    
    The Fund's investment objectives are:

    (i)    to maximize total return for holders of Trust Units
           ("Unitholders"), consisting of distributions, interest and
           dividend income and capital appreciation; and

    (ii)   to provide Unitholders with monthly distributions initially
           targeted to be $0.09 per Trust Unit ($1.08 per annum representing
           an annual cash distribution of 9.0% based on the $12.00 per Unit
           issue price).
    

    The syndicate of agents is co-led by CIBC World Markets Inc. and RBC
Capital Markets and includes BMO Capital Markets, National Bank Financial
Inc., Scotia Capital Inc., Blackmont Capital Inc., HSBC Securities (Canada)
Inc., Raymond James Ltd., Canaccord Capital Corporation, Dundee Securities
Corporation and Wellington West Capital Markets Inc.

    Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those identified by
the expressions "expect", "intend", "will" and similar expressions to the
extent they relate to the Fund. The forward-looking statements are not
historical facts but reflect O'Leary Funds Management LP's current
expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current expectations.
Although O'Leary Funds Management LP believes that the assumptions inherent in
the forward-looking statements are reasonable, forward-looking statements are
not guarantees of future performance and, accordingly, readers are cautioned
not to place undue reliance on such statements due to the inherent uncertainty
therein. O'Leary Funds Management LP undertakes no obligation to update
publicly or otherwise revise any forward-looking statement or information
whether as a result of new information, future events or other such factors
which affect this information, except as required by law.
    All capitalized terms noted herein but not defined are as per the
prospectus dated April 29, 2009.





For further information:

For further information: O'Leary Funds at info@olearyfunds.com or at
1-877-849-2004 x226

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O'LEARY CANADIAN INCOME OPPORTUNITIES FUND

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