O'Leary Funds announces receipt of unitholder and regulatory approvals in respect of the proposed transaction with Canoe Financial

MONTREAL, Feb. 16, 2016 /CNW Telbec/ - O'Leary Funds Management LP ("O'Leary" or the "Manager") is pleased to announce that it has obtained unitholder and regulatory approval to proceed with the Proposed Transaction with Canoe Financial LP ("Canoe"). As previously announced, O'Leary, the manager of certain investment funds ("O'Leary Funds") has entered into an agreement with Canoe pursuant to which Canoe has agreed to purchase the rights to manage the O'Leary Funds from the Manager, along with certain related assets ("Proposed Transaction").

The Proposed Transaction is expected to be completed on or around February 16, 2016, subject to the satisfaction of other closing conditions.

Upon closing of the Proposed Transaction, Canoe will become the trustee and manager of the O'Leary Funds.  As of closing, Canoe will become the portfolio manager of the O'Leary Funds and will retain Stanton Asset Management Inc., the current portfolio advisor of the O'Leary Funds, as sub-advisor of certain O'Leary Funds and may retain other third-party sub-advisors. As of closing, Canoe will change the names of certain O'Leary Funds, change the investment objectives of certain O'Leary Funds, change the investment strategies of certain O'Leary Funds, and have certain O'Leary Funds adopt the form of master declaration of trust used by the Canoe mutual funds. Canoe intends to merge certain O'Leary Funds into mutual funds managed by Canoe within a certain time period after closing.  The unitholders of certain O'Leary Funds have also approved a proposal to replace the method in which certain operating expenses are charged to each fund with a fixed-rate administration fee which will be equal to a percentage of the net asset value of a series, calculated and paid in the same manner as the management fee for the series.

More information about the Proposed Transaction and other changes is set out in O'Leary's Notice of Special Meetings and Management Information Circular dated December 18, 2015, which is available on SEDAR at www.sedar.com and the Manager's website at www.olearyfunds.com.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to the future outlook of the O'Leary Funds and anticipated distributions, events or results and may include statements regarding the future financial performance of the funds. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.

About O'Leary Funds Management LP

O'Leary Funds Management LP is a Canadian investment fund manager of mutual funds and closed-end funds striving to provide Canadian investors with reliable and strategic income solutions. Based on its value-yield investment philosophy, Canadian and global investment opportunities are identified through a disciplined investment process. Its core principles, Income, Capital Appreciation and Capital Preservation, are driven by each portfolios investment objectives. Its portfolios are diversified by sector, region and asset class. For more details about O'Leary Funds, visit www.olearyfunds.com.

About Canoe Financial LP

Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe is Canada's fastest-growing independent mutual fund company and currently manages approximately $3 billion in assets across a diversified range of award-winning mutual funds and private energy equity products. Canoe has expanded from its Calgary head office across Canada, including a significant presence in Toronto and offices in Vancouver, Winnipeg, Ottawa and Montreal. To learn more about Canoe Financial and its investment products, visit www.canoefinancial.com.

SOURCE O'LEARY FUNDS MANAGEMENT LP

for media inquiries or additional information, please contact Louise Anne Poirier, Investor Relations at [email protected] or at 877-849-2004 or 514-849-1056.