A final prospectus for the initial public offering of the O’Leary Canadian Income Opportunities Fund 2 has been filed with Canadian securities regulators, O’Leary Funds Management LP said Monday.

The $250 million offering is scheduled to close on December 17,.

The Fund was created to invest in an actively-managed portfolio comprised primarily of publicly-traded securities of issuers domiciled in Canada providing investors with both income and potential for capital appreciation.

The fund proposes to issue units at a price of $12.00 per unit. The fund’s investment objectives are to maximize total return for unitholders, consisting of distributions, interest and dividend income and capital appreciation; and to initially provide unitholders with monthly distributions targeted to be $0.08 per unit ($0.96 per year representing an annual cash distribution of 8% based on the $12.00 issue price).

O’Leary Funds Management LP has retained Stanton Asset Management Inc. to provide portfolio advisory services to the fund. Stanton is a Canadian investment firm focused on global investment opportunities, and is also the manager of a variety of specialized funds.

On or before Dec. 14, 2012, the fund will become an open-end mutual fund, the units will be delisted become redeemable at their net asset value per unit on a daily basis.

The syndicate of agents is co-led by CIBC and RBC Capital Markets and includes National Bank Financial Inc., Scotia Capital Inc., Macquarie Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd., Wellington West Capital Markets Inc., Dundee Securities Corporation, GMP Securities L.P., HSBC Securities (Canada) Inc., MGI Securities Inc., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated.

IE