Document:

Exhibit 4.2 Form of Subscription Agreement

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                             SUBSCRIPTION AGREEMENT
                                   XIOM CORP.
                             a Delaware corporation.
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      The  undersigned  (sometimes  referred to herein as  "Subscriber")  hereby
subscribes  to purchase the number of shares of Common  Stock (the  "Shares") of
XIOM CORP., a Delaware Corporation (the "Company") indicated below in accordance
with the terms and conditions of the Confidential  Private  Offering  Memorandum
and  any  future  supplement   thereto  (the   "Memorandum").   The  undersigned
understands that, if accepted, its subscription is irrevocable,  but that it may
be rejected in the sole discretion of the Company, for any reason.

      In  consideration  for the acceptance by the Company of this  Subscription
Agreement, the Subscriber hereby agrees, represents and warrants as follows:

      1.  Acceptance  or Rejection of  Subscription.  The Company shall have the
right to accept or reject this  subscription  in whole or in part.  If rejected,
the Subscriber's  check and  Subscription  Documents (as defined below) shall be
promptly returned to the Subscriber. If accepted, the Subscriber's check will be
forwarded directly to the Company, and the Subscriber's  Investor  Questionnaire
and Subscription Agreement (collectively referred to herein as the "Subscription
Documents") will be retained by the Company.
      2. Closing. If the Company has not received and accepted subscriptions and
the closing date is not extended in the sole discretion of the Company for up to
an additional ninety (90) days (the "Closing Date"), the Offering will terminate
and any unaccepted investments in the possession of the Company and Subscription
Documents shall be promptly returned to the Subscriber.
      3. Agreement to Indemnify.  The Subscriber  hereby agrees to indemnify and
hold  harmless  the  Company  and all of its  directors,  officers,  agents  and
employees  from any and all  damages,  losses,  costs  and  expenses  (including
reasonable  attorneys'  fees)  which  they  may  incur  (I)  by  reason  of  the
Subscriber's  failure  to  fulfill  any of the  terms  and  conditions  of  this
Agreement,  (ii) by reason of the Subscriber's breach of any of the Subscriber's
representations,  warranties or agreements  contained  herein or in the Investor
Questionnaire, and (iii) with respect to any and all claims made by or involving
any person,  other than the  Subscriber,  claiming any interest,  right,  title,
power or authority regarding the Subscriber's purchase of Shares. The Subscriber
further  agrees  and  acknowledges  that this  indemnification  agreement  shall
survive any sale or transfer,  or attempted sale or transfer,  of any portion of
the Subscriber's Shares or upon the Subscriber's death.
      4.  Representations,  Warranties  and  Covenants.  The  Subscriber  hereby
represents, warrants, and covenants that:
            (i) Subscriber acknowledges that the Shares have not been registered
under the Securities Act with the Securities and Exchange  Commission,  nor have
the Shares been  registered  or  qualified  for sale under the laws of any other
jurisdiction (either within or outside of the United States) and the Company has
no  obligations   hereunder  or  any  current   intention  to  effect  any  such
registration or qualification.
            (ii)  Subscriber  (a) has received a copy of the  Memorandum and has
carefully  reviewed and  understands  the Memorandum and (b)  understands  that,
except as set forth in the Memorandum or unless made to investor in writing,  no
representations or warranties have been made to the Subscriber by the Company or
any of its officers directors,  employees,  agents or affiliates, and (c) agrees
that, in connection with the purchase of the Shares,  it is not relying upon any
information  concerning  the  Company,  other  than (i) that  contained  in this
Memorandum and (ii) on the results of its own independent investigation.
            (iii) Subscriber  understands that (a) no governmental authority has
passed  upon the  accuracy or  completeness  of the  Memorandum  or has made any
finding or  determination  concerning the  appropriateness  or suitability of an
investment in the Shares and (b) no  governmental  authority has  recommended or
endorsed, or will recommend or endorse, an investment in the Shares.

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            (iv) Subscriber is acquiring the Shares for Subscriber's own account
and not for the account of others and for investment  purposes only and not with
a view to or for the  sale,  offer  for sale,  transfer,  assignment,  resale or
distribution thereof, in whole or in part.
            (v) All  subsequent  offers  and sales of the  Shares by  Subscriber
shall be made in compliance  with the Securities  Act,  pursuant to registration
under the Securities Act or pursuant to an exemption from such registration.
            (vi)  Subscriber  understands  that the Shares are being offered and
sold to it in reliance on specific exemptions from the registration requirements
of U.S.  federal and state  securities laws and that the Company is relying upon
the  truth  and  accuracy  of  the   representations,   warranties,   agreements
acknowledgments  and  understandings of Subscriber set forth in the Subscription
Agreement and Investor  Questionnaire in order to determine the applicability of
such exemptions and the suitability of Subscriber to acquire the Shares.
            (vii)  Subscriber  has adequate net worth and means of providing for
his current needs and personal  contingencies  to sustain a complete loss of his
investment in the Shares and has no need for liquidity in this investment.
            (viii) The Company has made available to Subscriber, its counsel and
advisors,  if any, the opportunity to ask questions of, and receive answers from
the Company and its  representatives,  concerning the terms and conditions of an
investment in the Shares, and has given it access to any requested  information,
documents,  financial statements,  books and records relative to the Company and
an investment in the Shares.
            (ix) If the  Subscriber  is a  corporation,  it is  duly  organized,
validly  existing and in good standing under the laws of the jurisdiction of its
incorporation,  and if the Subscriber is a partnership or other organization, it
is duly organized,  validly  existing and in good standing under the laws of its
jurisdiction of organization.
            (x) (a) If the Subscriber is a corporation, the execution,  delivery
and  performance of this  Agreement  have been duly  authorized by all necessary
corporate action, (b) if the Subscriber is a partnership or other  organization,
the other governing documents to enter into this Agreement and to consummate the
transactions  contemplated  hereby  and all  necessary  consents  and  approvals
required by the  partnership  agreement or other  governing  documents have been
obtained,  and  (c) for  both  corporations  and  partnerships,  this  Agreement
constitutes a legal, valid and binding obligation of the Subscriber, enforceable
against the Subscriber in accordance  with its terms,  except to the extent that
enforceability   may  be   limited   by   applicable   bankruptcy,   insolvency,
reorganization,   moratorium  and  similar  laws  affecting   creditors'  rights
generally.
            (xi) Subscriber is aware that investing in the Shares is speculative
and  involves a high degree of risk and that any right to transfer its Shares in
the Company is limited and restricted by law, and this Subscription Agreement.
            (xii)  Subscriber has evaluated the risks of investing in the Shares
and has substantial experience in making investment decisions of this type or is
relying on his advisors or Purchase  Representative,  if  applicable,  in making
this investment decision.
            (xiii)  Subscriber  understands  that a legend  may be placed on any
certificate representing the Shares substantially as follows:
      "The shares represented by this certificate have not been registered under
the Securities  Act of 1933.  These shares have been acquired for investment and
not  for   distribution  or  resale.   They  may  not  be  mortgaged,   pledged,
hypothecated,   or  otherwise  transferred  without  an  effective  registration
statement  for such  shares  under the  Securities  Act of 1933 or an opinion of
counsel for the corporation that registration is not required under such Act."
      The  foregoing  representations,  warranties,  and covenants and all other
information  which the  Subscriber  has provided to the Company  concerning  the
Subscriber and the Subscriber's financial condition (or concerning the entity or
organization  which the subscriber  represents and its financial  condition) are
true and accurate as of the date hereof.
      5.  Subscription  Agreement  Binding  on  Heirs,  Etc.  This  Subscription
Agreement shall be binding upon the Subscriber's heirs, successors estate, legal
representatives and assigns,  and shall be construed in accordance with the laws
of the State of New York.
      6.  Execution  Authorized.  If this  Subscription  Agreement and the other
relevant  Subscription  Documents  are  executed  on  behalf  of a  corporation,
partnership,  trust or other entity, the Subscriber has been duly authorized and
empowered  legally to  represent  such entity and to execute  this  Subscription
Agreement  and  such  Subscription   Documents  and  all  other  instruments  in
connection with the purchase of the Shares,  and the  Subscriber's  signature is
binding upon such entity.

                                       2
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      7. Legal Representation/Conflict of Interest. The Subscriber, by executing
this  Subscription  Agreement  acknowledges,  represents and agrees that (a) the
Company has  retained  legal  counsel to  represent  it in  connection  with the
preparation of this  Subscription  Agreement and the Memorandum;  (b) such legal
counsel has prepared such  documents with a view to the interests of the Company
only and has not undertaken to represent the interest of the Subscriber and that
no  attorney-client  relationship  or fiduciary  duty exists  between such legal
counsel and the Subscriber, notwithstanding that the Subscriber's investment may
pay,  directly or indirectly,  for such legal  services;  (c) the Subscriber has
been  advised to have such legal  documents  reviewed  by the  Subscriber's  own
independent  attorney and/or other advisors;  and (d) the services  performed by
such legal counsel have been limited to the preparation of such documentation at
the  request  and  direction  of the  Company  and such  legal  counsel  has not
undertaken to conduct any investigation  whatsoever  concerning the facts, risks
or circumstances  concerning or relating to the investment and/or the background
or financial qualifications of the Company.
      8.  Governing  Law,  and  Venue.  This  Agreement  shall be  construed  in
accordance  with,  and governed by, the laws of the State of New York with venue
proper in New York.
      9. Definition of Terms.  The terms used herein,  if not otherwise  defined
herein, shall have the meanings attributed to such terms in the Memorandum.  All
pronouns and any variations  thereof used herein shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as the identity of the person or
persons herein may require.
      10.  Number of Shares.  The  undersigned  hereby  subscribes  for Units as
follows:  ________ $1.30 per share an warrant to purchase another share at $1.30
per share

All checks should be made payable to: "XIOM CORP."

11. Taxpayer Identification Number Certification.

        ------------------------------     -------------------------------
        Social Security or Tax I.D. No.    Social Security or Tax I.D. No.

      I declare  that the  number  shown in this  Subscription  Agreement  is my
correct  taxpayer  identification  number and/or social security number (or I am
waiting for a number to be issued to me),  that I have read and  understood  the
foregoing  documents,  and that I desire to purchase the shares herein under the
terms set forth in this Subscription Agreement.

Signature   _________________________     Signature  ___________________________

Date  _____________________________       Date   ______________________________

TYPE OF OWNERSHIP (Check one)

|_| INDIVIDUAL  INDIVIDUAL OWNERSHIP    |_| COMMUNITY PROPERTY
(One signature required)                (one signature required if interest held
                                        in one name, i.e., managing spouse; two
                                        signatures required if interest held in
                                        both names)

|_| JOINT TENANTS WITH RIGHT OF         |_| CORPORATION
    SURVIVORSHIP                        (Please include certified Corporate
(both or all parties must sign)         Resolution authorizing signature)

|_| PARTNERSHIP                         |_| TRUST
(Please include a copy of the           (Please include a copy of the Trust
Statement of Partnership Agreement      Agreement)
authorizing signature)

                                       3
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[Please print above the exact name(s) in which the Convertible is to be held]

IN WITNESS  WHEREOF,  the undersigned has executed this  Subscription  Agreement
this _____ day of ________________, 2006.

------------------------------------    -------------------------------------
Subscriber #1 Signature                 Subscriber #2 Signature

------------------------------------    -------------------------------------
Subscriber #1 Print or Type Name and    Subscriber #2 Print or Type Name and
Title (if applicable)                   Title (if applicable)

------------------------------------    -------------------------------------
Telephone Number                        Telephone Number

------------------------------------    -------------------------------------
Street Address                          Street Address

------------------------------------    -------------------------------------
City                    State    Zip    City                     State    Zip

                                               SUBSCRIPTION ACCEPTED:
                                               XIOM CORP.

                                               By:
                                                      --------------------------
                                                      Authorized Officer
                                               Dated:
                                                      --------------------------

                                       4EXHIBIT
      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. 2006-X	
              Minneapolis,
                Minnesota

            
	
            	
              Xxxxx
                XX,
                2006

            

    

     

    This
      certifies that, for value received, [Name], or its/his successors or assigns
      (the “Holder”),
      is
      entitled to purchase from Wits Basin Precious Minerals Inc., a Minnesota
      corporation (the “Company”),
      Xxxx
      Hundred Thousand (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 Xxxx XX, 200X, 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
      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 $.XX 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 55402-8773, 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:  	/s/ 
	 	
              

              Xxxxx
                Xxxxx, Its Xxxxxxx Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]