TORONTO, Nov. 12 /CNW/ - O'Leary Funds Management LP is pleased to announce that on November 12, 2009, the O'Leary Founder's Series Income & Growth Fund (the "Fund") successfully issued an additional 445,000 Trust Units and 445,000 Warrants pursuant to the exercise by the Agents of their Over-Allotment Option. Total gross proceeds are now $155,340,000. 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: OFS.un and OFS.wt, respectively.
The initial monthly cash distribution of $0.06 per Trust Unit is anticipated to be payable on December 15, 2009 to Unitholders of record on November 30, 2009. Additionally, each Warrant entitles the holder to purchase one Trust Unit at a subscription price of $11.50 on or before 5:00 p.m. (Toronto time) on September 30, 2010.
The Fund will permit investors to capitalize on the knowledge and capabilities of Stanton Asset Management Inc. (the "Portfolio Advisor") 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 the Fund will provide investors with the opportunity to earn attractive income and total returns, 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 $0.06 per Trust Unit ($0.72 per annum representing an annual
cash distribution of 6.0% 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., GMP Securities L.P., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, Manulife Securities Incorporated, MGI Securities Inc., Raymond James Ltd., Research Capital 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 September 28, 2009.
SOURCE O'LEARY FOUNDER'S SERIES INCOME & GROWTH FUND
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