Document:

EXHIBIT 10.7

                                     FORM OF

                                ESCROW AGREEMENT

      ------------------------------------------------------- (collectively, the
"Selling Shareholders"), Lothian Oil, Inc., a Delaware corporation
("Purchaser"), and Community Bank ("Escrow Agent") together agree as follows:

                                    RECITALS

      A. On this date the Selling Shareholders and the Purchaser entered into a
Securities Purchase Agreement (the "Securities Purchase Agreement") pursuant to
which the Selling Shareholders agreed to sell a total of 8,000,000 shares of the
Common Stock (the "Selling Shareholders' Common Stock") of United Heritage
Corporation (the "Company") to the Purchaser at a price of $1.331375 per share
for a total of $10,651,000.

      B. The Purchaser and the Selling Shareholders wish to appoint the Escrow
Agent as their agent to assist with the purchase and sale of the Selling
Shareholder's Common Stock, in accordance with the terms of this Escrow
Agreement.

      Therefore, the Selling Shareholders, the Purchaser and the Escrow Agent
agree as follows:

                                    AGREEMENT

      1. APPOINTMENT. The Selling Shareholders and the Purchaser hereby appoint
the Escrow Agent to serve as Escrow Agent for the purposes set forth herein and
the Escrow Agent hereby accepts the appointment.

      2. DEPOSITS BY THE PURCHASER FOR THE BENEFIT OF THE SELLING SHAREHOLDERS.
Within three business days from the execution of this Agreement, the Purchaser
shall deposit with the Escrow Agent good and immediately available funds
totaling $3,500,000 (the "Escrow Deposit"). Escrow Agent will place the Escrow
Deposit into an interest bearing account, with interest accruing thereon for the
benefit of the Purchaser.

      3. CLOSE OF ESCROW. The Escrow Agent shall disburse the Escrow Deposit
upon receipt of a written instruction signed by Walter G. Mize, as agent for the
Selling Shareholders, and the Purchaser. The written instruction shall authorize
the Escrow Agent to accept a separate instruction, signed only by Walter G. Mize
as agent for the Selling Shareholders, detailing the amounts to be disbursed to
each of the Selling Shareholders (the "Separate Instruction"). Walter G. Mize
shall be solely responsible for the content of the Separate Instruction, and
neither the Purchaser nor the Escrow Agent shall incur any liability relating
thereto. Walter G. Mize agrees to indemnify and hold harmless the Purchaser and
the Escrow Agent, and their officers, directors, employees and agents, from and
against any and all liabilities, losses, claims, costs, expenses, damages and
judgments (including, without limitation, any legal or other expenses incurred
in connection with investigating or defending any matter, including any action,
that could give rise to such liabilities, losses, claims, costs, expenses,
damages and judgments) that relate to the action taken with respect to the
Separate Instruction.

<PAGE>

      4. TERM. The term of this Agreement shall continue until the Escrow Agent
makes the transfers required by paragraph 3 above, provided, however, that this
Agreement shall terminate no later than January 31, 2006 unless the Escrow Agent
receives a written instruction executed by the Selling Shareholders and the
Purchaser extending the term of this Agreement and the Escrow Agent's duties
hereunder to another date.

      5. ESCROW AGENT'S COSTS AND FEES. Costs incurred and fees charged by the
Escrow Agent shall be paid one-half by the Selling Shareholders and one-half by
the Purchaser. The Escrow Agent shall provide, in writing, a good-faith estimate
of its costs and fees to the Selling Shareholders and the Purchaser upon the
execution of this Agreement.

      6. ESCROW AGENT'S RESPONSIBILITY. The parties agree to provide to the
Escrow Agent all information necessary to facilitate the administration of this
Agreement and the Escrow Agent may rely upon any representation so made. Nothing
contained in this Agreement shall be construed to impose on the Escrow Agent the
duties of trustee for any party hereto or to impose on the Escrow Agent any
duties or obligations other than those for which there is an express provision
herein. For all purposes connected herewith the Escrow Agent shall be entitled
to assume that the parties hereto are fully authorized and empowered, without
affecting the rights of any third parties, to appoint the Escrow Agent as the
Escrow Agent in accordance with the terms and provisions hereof.

      7. LIMITATIONS ON LIABILITY. It is understood that the Escrow Agent shall
incur no liability, except for acts of gross negligence or willful misconduct.
None of the provisions hereof shall be construed so as to require the Escrow
Agent to expend or risk any of its own funds or otherwise incur any liability in
the performance of its duties under this Agreement. The Escrow Agent shall incur
no liability if it becomes illegal or impossible to carry out any of the
provisions herein. The Escrow Agent shall not be required to take or be bound by
notice of default of any person, or to take any action with respect to such
default involving any expense or liability, unless written notice of such
default is given to the Escrow Agent by the undersigned or any of them, and
unless the Escrow Agent is indemnified in a manner satisfactory to it against
such expense or liability. The Escrow Agent shall not be liable to any party
hereto in acting upon any written notice, request, waiver, consent, receipt or
other paper or document believed by the Escrow Agent to be signed by the proper
party or parties. The Escrow Agent will be entitled to treat as genuine and as
the document it purports to be any letter, paper, fax or other document
furnished or caused to be furnished to the Escrow Agent. The Escrow Agent shall
have no liability with respect to any good faith action taken or allowed by it
hereunder, except for acts of gross negligence or willful misconduct. The Escrow
Agent shall not be liable for any error of judgment or for any act done or step
taken or omitted by it in good faith or for any mistake of fact or law, except
for acts of gross negligence or willful misconduct, or for anything which it may
do or refrain from doing in connection herewith, and the Escrow Agent shall have
no duties to anyone except those signing this Agreement. The Escrow Agent may
consult with legal counsel in the event of any dispute or questions as to the
interpretation or construction of this Agreement or the Escrow Agent's duties
hereunder. In addition, the Escrow Agent shall incur no liability and shall be
fully protected in acting in accordance with the opinion and instructions of
counsel, except for acts of gross negligence or willful misconduct. In the event
of any disagreement between the undersigned or any person or persons named in
this Agreement, and any other person, resulting in adverse claims and demands
being made in connection with or for any money involved herein or effected
hereby, the Escrow Agent shall be entitled at its option to refuse to comply
with any such claims or demands, so long as such disagreement shall continue,
and in so doing the Escrow Agent shall not be or become liable for damages or
interest to the undersigned or any of them, or to any person named in this
Agreement, for its refusal to comply with such conflicting or adverse demands
and the Escrow Agent shall be entitled to continue so to refrain and refuse so
to act until (i) the rights of the adverse claimants have been finally
adjudicated in a court or by arbitration as set forth below assuming and having
jurisdiction of the parties and the property involved herein and affected
hereby; or (ii) all differences have been adjudicated by agreement and the
Escrow Agent has been notified thereof in writing by all of the persons
interested.

                                       2
<PAGE>

      8. INDEMNIFICATION. In consideration of Escrow Agent agreeing to act as an
escrow agent pursuant to the terms and conditions of the Escrow Agreement, all
parties to this Agreement do hereby agree to indemnify Escrow Agent, its
officers, directors, agents, and employees, defend and hold the same harmless
for and against any and all claims, liability, actions, losses, costs, damages
or expenses, including attorneys' fees and expenses, which Escrow Agent may
sustain or incur, directly or indirectly, by reason of, or in consequence of,
Escrow Agent's acting or failing to act as escrow agent.

      9. RESIGNATION OF THE ESCROW AGENT. The Escrow Agent reserves the right to
resign as the Escrow Agent at any time by giving 30 business days written notice
thereof to all parties at the last known address. Upon notice or resignation by
the Escrow Agent, the undersigned agree that the Escrow Agent may deliver any
property or documents that it holds to the replacement escrow agent. If no
notice is promptly received from the undersigned and the replacement Escrow
Agent, the Escrow Agent may petition any court of competent jurisdiction for
disposition of the property or documents and the Escrow Agent shall thereby be
released from any and all responsibility and liability to the parties hereto.

      10. DISPUTES. If at any time a dispute shall exist as to the duty of the
Escrow Agent under the terms hereof or if the property or documents deposited
hereunder are not withdrawn on or before the termination or expiration of this
Agreement, the Escrow Agent may deposit the property or documents with the Clerk
of the State District Court in Johnson County, Texas and may interplead the
parties hereto. Upon so depositing such property or documents and filing its
complaint in interpleader, the Escrow Agent shall be released from all liability
under the terms hereof as to the property or documents so deposited and
reimbursed for all expenses, including attorney fees. The parties hereto for
themselves consent and agree to the jurisdiction of said Court, and do hereby
appoint the Clerk of the said Court as their agent for the service of all
process in connection with the proceedings mentioned in this paragraph.

      11. GOVERNING LAW AND CAPTIONS. This Agreement shall be governed and
interpreted by the laws of the State of Texas. The captions in this Agreement
are included for convenience of reference only and in no way define or limit any
of the provisions hereof or otherwise affect the construction or effect of this
Agreement.

                                       3
<PAGE>

      12. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

      13. AMENDMENTS, MODIFICATIONS, ETC. This Agreement may be amended,
modified, superseded or canceled only by a written instrument executed by the
Issuer, the Selling Shareholders and the Purchaser and consented to in writing
by the Escrow Agent. Any of the terms and conditions hereof may be waived only
by a written instrument executed by the party waiving compliance therewith. The
failure of any party at any time or times to require performance of any
provision hereof shall in no manner affect such party's right at a later time to
enforce the same. No waiver by any party of any condition or of the breach of
any terms of this Agreement, whether by conduct or otherwise, in any one or more
instances shall be deemed to be or construed as a further or continuing waiver
of any such condition or breach or a waiver of any other condition or breach of
any other term of this Agreement.

      14. NOTICES. All notices hereunder shall be made in writing to the parties
at the addresses listed below (or at such other address as shall be provided
pursuant to a written notice given in compliance with this paragraph 14) by mail
with postage paid and certified or registered or by facsimile or delivery via
courier to the respective parties. Mailed notices shall be deemed to be
delivered three days following the date of such mailing. Facsimile transmissions
shall be deemed to be delivered on the date of the transmission, so long as a
receipt confirming that the transmission was successful is received. Notices
delivered by courier shall be deemed to be received on the date of delivery by
the courier service.

            Selling Shareholders:

            2 North Caddo Street
            Cleburne, Texas 76033
            Attn.:  Walter Mize
            Facsimile: (817) 641-3683

            Purchaser:

            Lothian Oil Inc.
            500 5th Avenue, Suite 2600
            New York, New York 10110
            Attn.:  Ken Levy, President
            Facsimile:  (212) 391-8588

      15. ENTIRE AGREEMENT. This Agreement supersedes any and all other
agreements, either oral or in writing, between the parties hereto with respect
to the subject matter hereof and contains all of the covenants and agreements
between the parties. Each party to this Agreement acknowledges that no
representations, inducements, promises, or agreements, orally or otherwise, have
been made by any party, or anyone acting on behalf of any party, which are not
embodied herein, and that no other agreement, statement, or promise not
contained in this Agreement shall be valid or binding on either party.

                                       4
<PAGE>

SIGNATURES APPEAR ON FOLLOWING PAGES

                                       5
<PAGE>

Dated:  October 7, 2005

                                        COMMUNITY BANK
                                        (Escrow Agent)

                                        By:
                                           -------------------------------------

                                        SELLING SHAREHOLDERS

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

                                       6
<PAGE>

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

                                        ----------------------------------------
                                        Walter G. Mize,
                                        as agent for the Selling Shareholders

                                       7EXHIBIT
      4.1

     

    THE
      WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (THE
“SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”) OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS (“BLUE SKY
      LAWS”). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
      DISPOSITION OF THIS WARRANT OR THE SECURITIES OR ANY INTEREST THEREIN MAY BE
      MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT AND ANY APPLICABLE BLUE SKY LAWS OR (B) IF THE COMPANY HAS BEEN
      FURNISHED WITH BOTH AN OPINION OF COUNSEL FOR THE HOLDER, WHICH OPINION AND
      COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT
      NO
      REGISTRATION IS REQUIRED BECAUSE OF THE AVAILABILITY OF AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE BLUE SKY LAWS, AND
      ASSURANCES THAT THE TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
      DISPOSITION WILL BE MADE ONLY IN COMPLIANCE WITH THE CONDITIONS OF ANY SUCH
      REGISTRATION OR EXEMPTION.

     

    WARRANT
      TO PURCHASE SHARES OF COMMON STOCK

    OF
      WITS BASIN PRECIOUS MINERALS INC.

     

    
      	Warrant
              No. 2005-XX	 	
               Minneapolis,
                Minnesota

              November
                1,
                2005

            

    

     

    This
      certifies that, for value received, [Name], or his successors or assigns (the
      “Holder”),
      is
      entitled to purchase from Wits Basin Precious Minerals Inc., a Minnesota
      corporation (the “Company”), _________Thousand
      (X,XXX,XXX) fully paid and nonassessable shares (the “Shares”)
      of the
      Company’s Common Stock, $.01 par value (the “Common
      Stock”),
      at an
      exercise price of $X.XX per share (the “Exercise
      Price”),
      subject to adjustment as herein provided. All or any portion of this Warrant
      may
      be exercised by Holder at any time, and from time to time, from the date hereof
      until the [Years] anniversary of the date of this Warrant, at which time all
      of
      Holder’s rights hereunder shall expire.

     

    This
      Warrant is subject to the following provisions, terms and
      conditions:

     

    1.  Exercise
      of Warrant.
      The
      rights represented by this Warrant may be exercised by the Holder, in whole
      or
      in part (but not as to a fractional share of Common Stock), by the surrender
      of
      this Warrant (properly endorsed, if required, at the Company’s principal office
      in Minneapolis, Minnesota, or such other office or agency of the Company as
      the
      Company may designate by notice in writing to the Holder at the address of
      such
      Holder appearing on the books of the Company at any time within the period
      above
      named), and upon payment to it by certified check, bank draft or cash of the
      purchase price for such Shares. The Company agrees that the Shares so purchased
      shall have and are deemed to be issued to the Holder as the record owner of
      such
      Shares as of the close of business on the date on which this Warrant shall
      have
      been surrendered and payment made for such Shares as aforesaid. Certificates
      for
      the Shares of Common Stock so purchased shall be delivered to the Holder within
      a reasonable time, not exceeding ten (10) days, after the rights represented
      by
      this Warrant shall have been so exercised, and, unless this Warrant has expired,
      a new Warrant representing the number of Shares, if any, with respect to which
      this Warrant shall not then have been exercised shall also be delivered to
      the
      Holder within such time. The Company may require that any such new Warrant
      or
      any certificate for Shares purchased upon the exercise hereof bear a legend
      substantially similar to that which is contained on the face of this
      Warrant.

     

    2.  Transferability
      of this Warrant.
      This
      Warrant is issued upon the following terms, to which Holder consents and
      agrees:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a)  Until
      this Warrant is transferred on the books of the Company, the Company will treat
      the Holder of this Warrant registered as such on the books of the Company as
      the
      absolute owner hereof for all purposes without being affected by any notice
      to
      the contrary.

     

    (b)  This
      Warrant may not be exercised, and this Warrant and the Shares underlying this
      Warrant shall not be transferable, except in compliance with all applicable
      state and federal securities laws, regulations and orders, and with all other
      applicable laws, regulations and orders.

     

    (c)  The
      Warrant may not be transferred, and the Shares underlying this Warrant may
      not
      be transferred, without the Holder obtaining an opinion of counsel satisfactory
      in form and substance to the Company’s counsel stating that the proposed
      transaction will not result in a prohibited transaction under the Securities
      Act
      of 1933, as amended (“Securities
      Act”),
      and
      applicable Blue Sky laws. By accepting this Warrant, the Holder agrees to act
      in
      accordance with any conditions reasonably imposed on such transfer by such
      opinion of counsel.

     

    (d)  Neither
      this issuance of this Warrant nor the issuance of the Shares underlying this
      Warrant have been registered under the Securities Act.

     

    3.  Certain
      Covenants of the Company.
      The
      Company covenants and agrees that all Shares which may be issued upon the
      exercise of the rights represented by this Warrant, upon issuance and full
      payment for the Shares so purchased, will be duly authorized and issued, fully
      paid and nonassessable and free from all taxes, liens and charges with respect
      to the issue hereof, except those that may be created by or imposed upon the
      Holder or its property, and without limiting the generality of the foregoing,
      the Company covenants and agrees that it will from time to time take all such
      actions as may be requisite to assure that the par value per share of the Common
      Stock is at all times equal to or less than the effective purchase price per
      share of the Common Stock issuable pursuant to this Warrant. The Company further
      covenants and agrees that during the period within which the rights represented
      by this Warrant may be exercised, the Company will at all times have authorized
      and reserved free of preemptive or other rights for the exclusive purpose of
      issue upon exercise of the purchase rights evidenced by this Warrant, a
      sufficient number of shares of its Common Stock to provide for the exercise
      of
      the rights represented by this Warrant.

     

    4.  Adjustment
      of Exercise Price and Number of Shares.
      The
      Exercise Price and number of Shares are subject to the following
      adjustments:

     

    (a)  Adjustment
      of Exercise Price for Stock Dividend, Stock Split or Stock
      Combination.
      In the
      event that (i) any dividends on any class of stock of the Company payable in
      Common Stock or securities convertible into or exercisable for Common Stock
      (“Common
      Stock Equivalents”)
      shall
      be paid by the Company, (ii) the Company shall subdivide its then outstanding
      shares of Common Stock into a greater number of shares, or (iii) the Company
      shall combine its outstanding shares of Common Stock, by reclassification or
      otherwise, then, in any such event, the Exercise Price in effect immediately
      prior to such event shall (until adjusted again pursuant hereto) be adjusted
      immediately after such event to a price (calculated to the nearest full cent)
      determined by dividing (a) the number of shares of Common Stock outstanding
      immediately prior to such event, multiplied by the then existing Exercise Price,
      by (b) the total number of shares of Common Stock outstanding immediately after
      such event, and the resulting quotient shall be the adjusted Exercise Price
      per
      share. No adjustment of the Exercise Price shall be made if the amount of such
      adjustment shall be less than $.01 per share, but in such case any adjustment
      that would otherwise be required then to be made shall be carried forward and
      shall be made at the time and together with the next subsequent adjustment
      which, together with any adjustment or adjustments so carried forward, shall
      amount to not less than $.01 per share.

     

    (b)  Adjustment
      of Number of Shares Purchasable on Exercise of Warrants.
      Upon
      each adjustment of the Exercise Price pursuant to this Section, the Holder
      shall
      thereafter (until another such adjustment) be entitled to purchase at the
      adjusted Exercise Price the number of shares, calculated to the nearest full
      share, obtained by multiplying the number of shares specified in such Warrant
      (as adjusted as a result of all adjustments in the Exercise Price in effect
      prior to such adjustment) by the Exercise Price in effect prior to such
      adjustment and dividing the product so obtained by the adjusted Exercise
      Price.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)  Notice
      as to Adjustment.
      Upon
      any adjustment of the Exercise Price and any increase or decrease in the number
      of shares of Common Stock purchasable upon the exercise of the Warrant, then,
      and in each such case, the Company within thirty (30) days thereafter shall
      give
      written notice thereof, by first class mail, postage prepaid, addressed to
      each
      Holder as shown on the books of the Company, which notice shall state the
      adjusted Exercise Price and the increased or decreased number of shares
      purchasable upon the exercise of the Warrants, and shall set forth in reasonable
      detail the method of calculation and the facts upon which such calculation
      is
      based.

     

    (d)  Effect
      of Reorganization, Reclassification, Merger, etc.
      If at
      any time while this Warrant is outstanding there should be (i) any capital
      reorganization of the capital stock of the Company (other than the issuance
      of
      any shares of Common Stock in subdivision of outstanding shares of Common Stock
      by reclassification or otherwise and other than a combination of shares provided
      for in Section 4(a) hereof), (ii) any consolida-tion or merger of the Company
      with another corporation, or any sale, conveyance, lease or other transfer
      by
      the Company of all or substantially all of its property to any other
      corpora-tion, which is effected in such a manner that the holders of Common
      Stock shall be entitled to receive cash, stock, securities, or assets with
      respect to or in exchange for Common Stock, or (iii) any dividend or any other
      distribution upon any class of stock of the Company payable in stock of the
      Company of a different class, other securities of the Company, or other property
      of the Company (other than cash), then, as a part of such transaction, lawful
      provision shall be made so that Holder shall have the right thereafter to
      receive, upon the exercise hereof, the number of shares of stock or other
      securities or property of the Company, or of the successor corporation resulting
      from such consolidation or merger, or of the corporation to which the property
      of the Company has been sold, conveyed, leased or otherwise transferred, as
      the
      case may be, which the Holder would have been entitled to receive upon such
      capital reorganization, reclassification of capital stock, consolidation,
      merger, sale, conveyance, lease or other transfer, if this Warrant had been
      exercised immediately prior to such capital reorganization, reclassification
      of
      capital stock, consolidation, merger, sale, conveyance, lease or other transfer.
      In any such case, appropriate adjustments (as determined by the Board of
      Directors of the Company) shall be made in the application of the provisions
      set
      forth in this Warrant (including the adjustment of the Exercise Price and the
      number of Shares issuable upon the exercise of the Warrant) to the end that
      the
      provisions set forth herein shall thereafter be applicable, as near as
      reasonably may be, in relation to any shares or other property thereafter
      deliverable upon the exercise of the Warrant as if the Warrant had been
      exercised immediately prior to such capital reorganization, reclassification
      of
      capital stock, such consolidation, merger, sale, conveyance, lease or other
      transfer and the Holder had carried out the terms of the exchange as provided
      for by such capital reorganization, consolidation or merger. The Company shall
      not effect any such capital reorganization, consolidation, merger or transfer
      unless, upon or prior to the consummation thereof, the successor corporation
      or
      the corporation to which the property of the Company has been sold, conveyed,
      leased or otherwise transferred shall assume by written instrument the
      obligation to deliver to the Holder such shares of stock, securities, cash
      or
      property as in accordance with the foregoing provisions such Holder shall be
      entitled to purchase.

     

    5.  Redemption
      of Warrant.
      Upon
      not less than thirty (30) days’ written notice, at any time the average over
      twenty (20) consecutive trading days of the daily average of the high and low
      Fair Market Value of the Common Stock is at or above $0.50 per share and the
      shares of Common Stock issuable upon exercise of this Warrant have been
      registered for resale pursuant to an effective registration with the Securities
      and Exchange Commission, the Company shall have the option to redeem this
      Warrant at a redemption price of $.001 per Warrant. During such thirty (30)
      day
      period, Holder shall be entitled to exercise all or any portion of this Warrant
      in accordance with the terms of Section 1 of this Warrant. The Company shall
      deliver to the Holder within five (5) Business Days of the expiration of the
      thirty (30) day notice period the purchase price for any Warrants outstanding
      at
      the expiration of such notice period. For purposes of this Warrant, “Fair Market
      Value shall be determined as follows (as applicable): (a) if the Common Stock
      is
      traded on an exchange or is quoted on The Nasdaq National Market, Nasdaq
      SmallCap Market or the OTC Bulletin Board, then the average closing or last
      sale
      prices, respectively, reported for the date of conversion; (b) if the Common
      Stock is traded in the over-the-counter market, then the average of the closing
      bid and asked prices reported on the date of such call; (c) if the Common Stock
      is not publicly traded and there has been a bona fide sale for cash on an
      arm’s-length basis within 45 days prior to the date of such call of such Common
      Stock by the Company privately to one or more investors unaffiliated with the
      Company (a “Qualifying Sale”), then such most recent sales price; or (d) if the
      Common Stock is not publicly traded and there has been no Qualifying Sale,
      then
      fair market value of such stock will be determined by the Company’s board of
      directors, acting in good faith utilizing customary business valuation criteria
      and methodologies (without discount for lack of marketability or minority
      interest).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.  No
      Rights as Shareholder.
      This
      Warrant shall not entitle the Holder as such to any voting rights or other
      rights as a shareholder of the Company.

     

    7.  Governing
      Law.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of Ohio.

     

    8.  Amendments
      and Waivers.
      The
      provisions of this Warrant may not be amended, modified or supplemented, and
      waiver or consents to departures from the provisions hereof may not be given,
      unless the Company agrees in writing and has obtained the written consent of
      the
      Holder.

     

    9.  Notices.
      All
      notices or communications hereunder, except as herein otherwise specifically
      provided, shall be in writing and if sent to the Holder shall be mailed,
      delivered, or telefaxed and confirmed to the Holder at its address set forth
      on
      the records of the Company; or if sent to the Company shall be mailed,
      delivered, or telefaxed and confirmed to Wits Basin Precious Minerals Inc.,
      900
      IDS Center, 80 South 8th
      Street,
      Minneapolis, Minnesota 55402, facsimile number (612) 395-5276, or
      to
      such other address as the Company or the Holder shall notify the other as
      provided in this Section.

     

    IN
      WITNESS WHEREOF, Wits Basin Precious Minerals Inc. has caused this Warrant
      to be
      signed by its duly authorized officer in the date set forth above.

     

    
      	 	 	 
	 	WITS
              BASIN PRECIOUS MINERALS INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Mark Dacko
	 	Its
              Chief Financial Officer

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