Canada's Ontario province has raised C$1.71 billion in grossproceeds after issuing 72,434,800 HydroOne Ltd. shares in a secondaryoffering priced at C$23.65 apiece.

The offering's underwriters, led by RBC Capital Markets and Scotiabank,are yet to indicate if they will exercise an overallotment option for a further10,865,200 shares.

Ontario now owns 427,668,860 Hydro One shares representing 71.9%of the company and ultimately plans to lower its ownership to 40% with the helpof further offerings in the future.

If underwriters exercise the overallotment option, Ontario'sownership will go down to 416,803,660 shares representing 70.1% of the company.