O'Leary Global Equity Income Fund files $100,000,000 maximum final prospectus - order book open until June 26th

    TORONTO, June 3 /CNW/ - Gencap Funds LP ("Gencap" or the "Manager") is
pleased to announce that a final prospectus for the O'Leary Global Equity
Income Fund (the "Fund") has been filed with, and a receipt therefor issued
by, the securities regulatory authorities in each of the provinces of Canada.
The Fund proposes to issue units ("Units") of the Fund (the "Offering") at a
price of $12.00 per Unit. Each Unit consists of one transferable trust unit
("Trust Unit") and one half of a Trust Unit purchase warrant ("Warrant"). The
Units will separate into Trust Units (TSX/OGE.un) and Warrants (TSX/OGE.wt)
immediately upon 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 December 31, 2010 (the "Warrant Expiry Time").
Warrants not exercised by the Warrant Expiry Time will be void and of no
    The order book will be open until Noon (Toronto time) on June 26th.
Closing is expected to occur on June 27th.
    The Fund has been created to invest primarily in global income-generating
equity securities. The Fund will permit investors to capitalize on the
knowledge and capabilities of Stanton Asset Management Inc. ("Stanton" or the
"Portfolio Manager") and O'Leary Funds Corp. ("O'Leary") who will work
together to identify global investments providing income and value, plus
capital appreciation potential. The Portfolio Manager believes that a value
investing approach provides investors with the opportunity for attractive
total returns while diversifying risk, a theme espoused by Mr. Kevin O'Leary
on regular television appearances. The Portfolio Manager believes that the
current market environment has created opportunities to invest in high quality
securities that have both attractive levels of income and capital appreciation
    The Fund's investment objectives are:

    (a) to provide holders of Trust Units ("Unitholders") with monthly
        distributions initially targeted to be $0.05 per Trust Unit
        ($0.60 per annum representing an annual cash distribution of 5% based
        on the $12.00 per Unit issue price); and

    (b) to provide long-term capital appreciation.

    The net proceeds of the Offering will be invested in an actively managed
Portfolio which will be diversified globally by region, by country and by
industry sector. The Fund's portfolio (the "Portfolio") will consist primarily
of publicly-traded common shares and preferred shares of issuers with a market
capitalization of $1 billion or more. The investment team of the Portfolio
Manager, which includes Connor O'Brien, André Marsan and Guthrie Stewart, will
focus on value securities that offer a relatively high level of current
income, as well as attractive potential for capital appreciation.
    The syndicate of agents is co-led by CIBC World Markets Inc. and Scotia
Capital Inc., and includes National Bank Financial Inc., Canaccord Capital
Corporation, Desjardins Securities Inc., Dundee Securities Corporation, HSBC
Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Inc.,
Berkshire Securities Inc., Blackmont Capital Inc. and GMP Securities L.P.

    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 Gencap Funds 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 Gencap Funds 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. Gencap
Funds 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.

    This offering is only made by a prospectus dated May 30, 2008. The
prospectus contains important information relating to these securities. Copies
of the prospectus may be obtained from any of the Agents. Investors should
read the prospectus before making an investment decision.
    All capitalized terms noted herein but not defined are as per the
prospectus dated May 30, 2008.

For further information:

For further information: Brett Berman, Executive Director, Gencap Funds
LP at bberman@stantonasset.com or at (416) 464-9422

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