The exchanges ratios for the exchange offer by O’Leary Canadian Income Opportunities Fund 2 were announced Friday by O’Leary Funds Management LP.

Montreal-based O’Leary Funds is the fund’s manager.

The closing of the initial public offering of units of the fund is scheduled to occur on December 17.

A table that sets out the exchange eligible issuers, securities, and ratios is available by clicking here.

The fund was created to invest in an actively-managed portfolio of publicly traded Canadian providing investors with both income and potential for capital appreciation.

The fund’s investment objectives are to maximize total return for unitholders of the fund 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 per unit issue price).

O’Leary Funds has retained Stanton Asset Management Inc. to provide investment 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.

Prospective purchasers may purchase units either by cash payment or in exchange for income trust units, dividend-paying equity securities and preferred shares of the exchange eligible issuers listed in the preliminary prospectus. Prospective purchasers under the exchange option are required to deposit their securities prior to 17:00 ET on November 25, 2010. CDS Participants may have an earlier deadline for receiving instructions concerning such deposits.

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

The syndicate of agents is co-led by CIBC World Markets Inc. 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