SUPPLEMENT TO WITS BASIN PRECIOUS MINERALS INC. SUBSCRIPTION AGREEMENT AND INVESTMENT REPRESENTATION UNITS OF COMMON STOCK AND WARRANTS
EXHIBIT
10.39
SUPPLEMENT
TO
WITS
BASIN PRECIOUS MINERALS
INC.
SUBSCRIPTION
AGREEMENT AND INVESTMENT REPRESENTATION
UNITS
OF COMMON STOCK AND WARRANTS
Wits
Basin Precious Minerals
Inc.
000
Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxxxx,
XX 00000
Ladies
and Gentlemen:
This
letter serves to supplement that certain Subscription Agreement and Investment
Representation between Wits Basin Precious Minerals Inc. (the “Company”) and the
undersigned, relating to the purchase of units consisting of common stock and
warrants of the Company (as heretofore amended or supplemented, the
“Subscription Agreement”). Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed in the Subscription
Agreement.
1.
Amendment
of Registration Rights.
The
undersigned investor understands that in the event the Registration Statement
(referred to in Section 10 of the Subscription Agreement, the “Registration
Statement”) is not declared effective by the United States Securities and
Exchange Commission (the “SEC”) within sixty (60) days following the termination
of the Offering by the Company (following the final closing of the sale of
the
Units, the “Final Closing”), the Company shall be obligated to reduce the
exercise price of the Warrants from $0.25 per share to $0.10 per share.
2.
Change
in Unit Size.
The
undersigned investor further understands that in the event the Registration
Statement is not declared effective by the SEC within sixty (60) days following
the Final Closing of the Offering by the Company, the Company shall be obligated
to promptly issue the undersigned an additional warrant, in form similar to
the
Warrants, allowing the purchase of one-half (1/2) of a share of Common Stock
for
each Unit purchased.
The
undersigned investor understands that, except as expressly modified by this
Supplement, all other terms and provisions of the Subscription Agreement remain
in full force and effect.
Dated:
_____________, 2004
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ACCEPTANCE
On
behalf
of Wits
Basin Precious Minerals
Inc.,
the undersigned authorized officer hereby accepts this Supplement to the
Subscription Agreement.
Dated:
__________________, 2004.
WITS
BASIN PRECIOUS MINERALS
INC.
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