O'Leary Canadian Income Opportunities Fund announces normal course issuer bid

    TORONTO, June 25 /CNW/ - O'Leary Funds Management LP, the manager (the
"Manager") of O'Leary Canadian Income Opportunities Fund (the "Fund") today
announced that the Fund has commenced a normal course issuer bid to purchase a
portion of the outstanding trust units (TSX: OCY.un) on the Toronto Stock
Exchange ("TSX"). The purpose of the normal course issuer bid is to provide
the Fund with a mechanism to decrease the potential spread between the net
asset value per unit and the market price of the trust units and to provide
enhanced liquidity for the trust units. Under the normal course issuer bid,
the Fund intends to purchase up to 1,085,670 trust units, representing 10% of
the public float of the securities issued and outstanding. These purchases
will be made in accordance with applicable regulations, and will be effected
through the facilities of TSX over a maximum period of 12 months commencing on
June 26, 2009 and ending on the earlier of June 25, 2010 or on such date as
the Fund completes its purchase under the normal course issuer bid or on such
date as the Fund may otherwise determine. Trust units purchased will be
cancelled. The Fund had 10,885,000 trust units issued and outstanding as at
June 17, 2009. The Fund will not purchase in any given 30 day period, in the
aggregate more than 217,700 trust units, being 2% of the issued and
outstanding trust units as at June 17, 2009.

For further information:

For further information: For media inquiries: please contact: Investor
Relations at O'Leary Funds Management LP: info@olearyfunds.com or at (877)
849-2004 x226

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