TORONTO, June 18 /CNW/ - O'Leary Funds Management LP is pleased to
announce that on June 17, 2009, the O'Leary Canadian Income Opportunities Fund
(the "Fund") successfully issued an additional 385,000 Trust Units and 385,000
Warrants pursuant to the exercise by the Agents of their Over-Allotment
Option. Total gross proceeds are now $130,620,000. The Units issued at
closing, together with the Units issued pursuant to the Over-Allotment Option,
have separated into Trust Units and Warrants and now trade on the Toronto
Stock Exchange independently under the symbols: OCY.un and OCY.wt.
The initial monthly cash distribution of $0.09 per unit is anticipated to
be payable on July 15, 2009 to unitholders of record on June 30, 2009.
Additionally, 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
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
(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 was 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: For media inquiries or additional information:
please contact O'Leary Funds at email@example.com or at 1-877-849-2004