Great-West Lifeco Inc. announced Thursday the closing of its previously announced offering of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series J priced at $25 per share.

Following the successful sale of the initially announced offering of 8 million Series J Shares, the underwriters of the offering exercised their over-allotment option to purchase an additional 1.2 million Series J Shares, resulting in Great-West issuing 9.2 millon Series J Shares to raise gross proceeds of $230 million.

The net proceeds will be used for general corporate purposes and to augment the company’s current liquidity position, Great-West said.

The offering was made through a syndicate of underwriters led by BMO Nesbitt Burns Inc. and Scotia Capital Inc.

The shares will be posted for trading on the Toronto Stock Exchange under the symbol GWO.PR.J.