Altan Rio Minerals Ltd. said Feb. 1 that its 2014 share subscription arrangement with the European Bank for Reconstruction and Development has been canceled.

Under the deal, Altan Rio issued 16,666,000 common shares at 6 Canadian cents apiece through a private placement to the bank to raise gross proceeds of C$999,960.

The placement represented the first tranche of a potential investment by EBRD of a minimum of C$5 million.

Altan Rio received a written notice from the bank that it has canceled its obligation on the unsubscribed portion of the facility.