Canadian Warrants - O'Leary Advantaged Tactical Global Corporate Bond Fund

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Address: 130 King Street West
Suite 1800
Toronto, ON M5X 1E3
Canada
T.: 416-945-6633
Website - https://www.olearyfunds.com/

Warrant Symbol - OCB.WT
Number Trading - 9.6 million
Expiration Date - May 31, 2011
Cusip - 67088X 11 9
Exercise Price - $12.00 Warrants called to trade news:

O'Leary Advantaged units, warrants separation July 14

2010-07-12 15:25 MT - Miscellaneous

TSX bulletin 2010-0834
Further to Toronto Stock Exchange bulletin 2010-0727, dated June 16, 2010, which describes an initial public offering of the combined units of the fund, the transferable trust units and unit purchase warrants, comprising the combined units, will trade separately commencing at the opening on Wednesday, July 14, 2010. At the opening on July 14, 2010, the combined units (symbol: OCB.A) will be halted from trading, will remain halted all day, and will be delisted at the close of business on July 14, 2010.
Under the trading information set out below: (i) 19.2 million units will be listed, of which 9.6 million units will be issued and outstanding and 9.6 million units will be reserved for issuance; and (ii) 9.6 million warrants will be listed, all of which will be issued and outstanding.

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Units:
Stock symbol: OCB.UN
Cusip No.: 67088X 10 1
Trading currency: Canadian dollars

Warrants:
Stock symbol: OCB.WT
Warrant Cusip No.: 67088X 11 9
Trading currency: Canadian dollars

Temporary market-maker: Independent Trading Group
CDS Clearing and Depository Services Inc. will record the CDS participants who hold units and warrants on behalf of owners who have purchased or transferred units and warrants in accordance with the book-based system. Certificates evidencing units or warrants will not be issued unless a request for a certificate is made to the fund. As the units and warrants will trade in the book-based system of CDS, shareholders need not take any action with respect to receiving the units and warrants upon the separation of the combined units.
Additional information on the units and the warrants can be found in the fund's prospectus dated May 28, 2010, which is available at SEDAR. Capitalized terms not otherwise defined herein are as defined in the prospectus.

Warrants: Each whole warrant entitles the holder to purchase one unit at the subscription price of $12 per unit by notifying the warrant trustee between the first business day of any month and 5 p.m. (Toronto time) on the 10th business day of such month up until May 31, 2011. Such warrants will be exercised effective as at 5 p.m. on the 10th business day of the applicable month. Warrants are also exercisable on May 31, 2011, prior to 5 p.m. (Toronto time) on that date. Holders who exercise the warrants will become holders of units, issued through the exercise of the warrants. Warrants not exercised prior to 5 p.m. (Toronto time) on May 31, 2011, will be void and of no value.
The warrants are governed by the terms of a warrant indenture dated as of June 18, 2010, between the fund and Computershare Trust Company of Canada. A fee of 18 cents per warrant will be payable to the broker whose client is exercising the warrant and 12 cents per warrant will be payable by the fund to the agents for each warrant exercised. The warrant indenture provides for appropriate adjustments to the rights of holders of warrants in the event of stock dividends, subdivisions, consolidations or other forms of capital reorganization.

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Warrant Terms

Expiration Date: The last day the warrants can be exercised. If warrants aren't going to be exercised then they must be sold the day before the expiry date. The longer the time to expiry the more valuable the warrants.

Leverage: A measure of how much you can increase your exposure to a share if you bought warrants instead of making a direct investment. It is the current share price divided by the current price of the warrant.

Intrinsic Value: The difference between the exercise price and the actual trading price of the common stock. Once the common has gone over the exercise price, the warrants are "In the Money."

Volatility: The higher the volatility rating, the higher the price of the warrant. Historical volatility is calculated by using the standard deviation of an underlying stock price over a specific period.

Time Value: The difference between the current warrant price and its intrinsic value. Interpreted as the consideration paid for the advantage the warrant buyer has over the direct investor.

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