U.S. pipeline company Kinder Morgan Inc (KMI.N) has priced its Canadian initial public offering at $17 per share, according to a term sheet of the deal seen by Reuters on Wednesday.

The company's pricing, which fell below its initially projected range of $19 to $22 per restricted voting share, suggests that demand from investors was not as strong as previously expected. Kinder Morgan has been looking to raise capital to fund a project to expand its Trans Mountain pipeline.

Kinder Morgan now plans to offer 102.94 million shares, raising $1.75 billion in gross proceeds, the term sheet, which was dated Wednesday, showed.

Kinder Morgan spokesman Dave Conover declined to comment.

The move comes during a period of political uncertainty in British Columbia, with election results in the province expected to weigh on Kinder Morgan's Trans Mountain pipeline expansion plans. The pro-pipeline Liberals failed to win a majority and voters in the province may elect a minority government that includes parties that oppose the project.

Election results are still being tallied, including a recount in three key districts. An unfriendly provincial government could pose obstacles to Trans Mountain, which runs through British Columbia, even though the federal government has approved it.