SUPPLEMENT TO WITS BASIN PRECIOUS MINERALS INC. SUBSCRIPTION AGREEMENT AND INVESTMENT REPRESENTATION UNITS OF COMMON STOCK AND WARRANTS
EXHIBIT
10.37
SUPPLEMENT
TO
SUBSCRIPTION
AGREEMENT AND INVESTMENT REPRESENTATION
UNITS
OF COMMON STOCK AND WARRANTS
000
Xxxxxxxx Xxxx, Xxxxx 0000
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.
Change
in Offering Size and Purchase Price.
The
undersigned investor hereby acknowledges and confirms that (i) the Maximum
number of Units available for sale in the Offering is 10,000,000, increased
from
7,000,000, and (ii) the Purchase Price is $0.25 per Unit.
2.
Amendment
of Registration Rights.
The
undersigned investor further understands that in the event the Registration
Statement (referred to in Paragraph 8 of the Subscription Agreement) is not
declared effective by the United States Securities and Exchange Commission
within one hundred twenty (120) days following the termination of the Offering
by the Company (following the final closing of the sale of the Units), the
Company shall be obligated to promptly pay the undersigned a penalty equal
to
one-fifth (1/5) 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:
_____________, 2003
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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:
__________________, 2003.
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