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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
August 22, 2012</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITS BASIN PRECIOUS MINERALS INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Minnesota</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-size: 10pt; font-weight: bold; text-align: center">1-12401</TD>
    <TD STYLE="width: 49%; font-size: 10pt; font-weight: bold; text-align: center">84-1236619</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">80 South Eighth Street, Suite 900</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Minneapolis, MN 55402</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(612) 349-5277</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 1.01. Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On August 22, 2012, the
Board of Directors of Wits Basin Precious Minerals Inc. (the &ldquo;<U>Company</U>&rdquo;) adopted a rights plan, as set forth
in the Rights Agreement (the &ldquo;<U>Rights Agreement</U>&rdquo;) between the Company and American Stock Transfer &amp; Trust
Company, LLC, as rights agent (&ldquo;<U>AST</U>&rdquo;).&nbsp;&nbsp;AST is the current transfer agent of the Company&rsquo;s common
stock (the &ldquo;<U>Common Stock</U>&rdquo;). The following description of the terms of the Rights Agreement does not purport
to be complete and is qualified in its entirety by reference to the Rights Agreement, which is included as Exhibit 4.1 to this
Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the terms
of the Rights Agreement, the Board of Directors of the Company declared a dividend distribution of one right (individually, a &ldquo;<U>Right</U>&rdquo;
and, collectively, the &ldquo; <U>Rights</U>&rdquo;) for each outstanding share of Common Stock to shareholders of record as of
the close of business on August 22, 2012 (the &ldquo;<U>Record Date</U>&rdquo;).&nbsp;&nbsp;In addition, one Right will automatically
attach to each share of Common Stock issued, if any, between the Record Date and the Distribution Date (defined below).&nbsp;&nbsp;Each
Right entitles the registered holder thereof to purchase from the Company one-ten thousandth of a share of Series A Junior Participating
Preferred Stock, no per share, of the Company (the &ldquo;<U>Preferred Stock</U>&rdquo;) at a cash exercise price of $1.00, subject
to adjustment (the &ldquo;<U>Exercise Price</U>&rdquo;), under certain conditions specified in the Rights Agreement and summarized
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Initially, the Rights
are not exercisable and are attached to and trade with all shares of Common Stock outstanding as of, and issued subsequent to,
the Record Date.&nbsp;&nbsp;The Rights will separate from the Common Stock and will become exercisable upon the earlier of (i)
the close of business on the tenth day following the first public announcement that a person or group of affiliated or associated
persons (an &ldquo;<U>Acquiring Person</U>&rdquo;) has acquired beneficial ownership of 10% or more of the outstanding shares of
Common Stock, other than as a result of repurchases of stock by the Company or certain inadvertent actions by a shareholder (the
date of said announcement being referred to as the &ldquo;<U>Stock Acquisition Date</U>&rdquo;), or (ii) the close of business
on the tenth business day (or such later day as the Board of Directors may determine) following the commencement of, or first public
announcement of the intent any person or group to conduct, a tender offer or exchange offer that could result upon its consummation
in such person or group becoming the beneficial owner of 10% or more of the outstanding shares of Common Stock (the earlier of
such dates being herein referred to as the &ldquo;<U>Distribution Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Until the Distribution
Date (or earlier redemption, exchange or expiration of the Rights), (i) the Rights will be evidenced by the Common Stock certificates
and will be transferred with and only with such Common Stock certificates, (ii) new Common Stock certificates issued after the
Record Date will contain a notation incorporating the Rights Agreement by reference, and (iii) the surrender for transfer of any
certificates for Common Stock will also constitute the transfer of the Rights associated with the Common Stock represented by such
certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As soon as practicable
after the Distribution Date, Right Certificates (as defined in the Rights Agreement) will be mailed to holders of record of Common
Stock as of the close of business on the Distribution Date and, thereafter, the separate Right Certificates alone will represent
the Rights. Except as otherwise determined by the Board of Directors, only shares of Common Stock issued prior to the Distribution
Date will be issued with Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In the event that a Stock
Acquisition Date occurs, proper provision will be made so that each holder of a Right (other than an Acquiring Person or its associates
or affiliates, whose Rights shall become null and void) will thereafter have the right to purchase, for the exercise price of the
Right, fractional shares of preferred stock having a market value (based on the market value of the Common Stock) equal to twice
the exercise price (such right being referred to as the &ldquo;<U>Subscription Right</U>&rdquo;).&nbsp;&nbsp;In the event that,
at any time following the Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other person,
and the Company is not the continuing or surviving corporation, (ii) any person consolidates with the Company, or merges with and
into the Company and the Company is the continuing or surviving corporation of such merger and, in connection with such merger,
all or part of the shares of Common Stock are changed into or exchanged for stock or other securities of any other person or cash
or any other property, or (iii) 50% or more of the Company&rsquo;s assets or earning power is sold, mortgaged or otherwise transferred,
each holder of a Right (other than an Acquiring Person or its associates or affiliates,&nbsp;&nbsp;whose Rights shall become null
and void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having a market value
equal to two times the exercise price of the Right (such right being referred to as the &ldquo;<U>Merger Right</U>&rdquo;).&nbsp;&nbsp;The
holder of a Right will continue to have the Merger Right whether or not such holder has exercised the Subscription Right.&nbsp;&nbsp;Rights
that are or were beneficially owned by an Acquiring Person may (under certain circumstances specified in the Rights Agreement)
become null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Until a Right is exercised,
the holder will have no rights as a stockholder of the Company (beyond those as an existing shareholder), including the right to
vote or to receive dividends or subscription rights.&nbsp;&nbsp;While the distribution of the Rights will not be taxable to shareholders
or to the Company, shareholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become
exercisable for Preferred Stock, other securities of the Company, other consideration or for common stock of an acquiring company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">At any time after
a person becomes an Acquiring Person, the Board of Directors may, at its option, exchange all or any part of the
then outstanding and exercisable Rights for shares of Preferred Stock at an exchange ratio of 0.00286 shares of Preferred
Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar
transaction. Notwithstanding the foregoing, the Board of Directors generally will not be empowered to effect
such exchange at any time after any person becomes the beneficial owner of 50% or more of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Exercise Price payable,
and the number of securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent
dilution (i) in the event of a stock dividend on, or a subdivision, combination, reclassification or recapitalization of, the Preferred
Stock, (ii) if holders of the Preferred Stock are granted certain rights or warrants to subscribe for Preferred Stock or convertible
securities at less than the current market price of the Preferred Stock, or (iii) upon the distribution to holders of the Preferred
Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants
(other than those referred to above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">With certain exceptions,
no adjustment in the Exercise Price will be required until cumulative adjustments amount to at least 1% of the Exercise Price.&nbsp;&nbsp;The
Company is not obligated to issue fractional shares.&nbsp;&nbsp;If the Company elects not to issue fractional shares, in lieu thereof
an adjustment in cash will be made based on the fair market value of the Preferred Stock on the last trading date prior to the
date of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Rights may be redeemed
in whole, but not in part, at a price of $0.0001 per Right by the Board of Directors only until the earlier of (i) the time at
which any person becomes an Acquiring Person or (ii) the expiration date of the Rights Agreement. Immediately upon the action of
the Board of Directors ordering redemption of the Rights, the Rights will terminate and thereafter the only right of the holders
of Rights will be to receive the redemption price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Prior to the time at which
the Rights cease to be redeemable, the Rights Agreement may be amended in any respect without the approval of any holders of Common
Stock.&nbsp;&nbsp;After such time the Board of Directors may, subject to certain limitations set forth in the Rights Agreement,
amend the Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Rights are not exercisable
until the Distribution Date and will expire at the close of business on August 21, 2022, unless previously redeemed or exchanged
by the Company as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 3.03. Material Modification to Rights
of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The information set forth
under Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Preferred Stock issuable
upon exercise of the Rights will have the rights and preferences set forth in the Certificate of Designation of Series&nbsp;A Junior
Participating Preferred Stock filed with the Secretary of State of the State of Minnesota on August 22, 2012.&nbsp;&nbsp;The Preferred
Stock will not be redeemable and, unless otherwise provided in connection with the creation of a subsequent series of preferred
shares, will be subordinate to any other series of the Company&rsquo;s preferred shares.&nbsp; If issued, each share of Preferred
Stock will be entitled to receive when, as and if declared by the Board of Directors, a quarterly dividend in an amount equal to
the greater of $10,000 per share or ten thousand (10,000) times the cash dividends declared on the Common Stock.&nbsp; In addition,
the holders of the Preferred Stock are entitled to receive ten thousand (10,000) times any non-cash dividends (other than dividends
payable in equity securities) declared on the Common Stock, in like kind.&nbsp; In the event of the liquidation of the Company,
the holders of Preferred Stock will be entitled to receive, for each share of Preferred Stock, a payment in an amount equal to
the greater of $10,000 or ten thousand (10,000) times the payment made per share of Common Stock.&nbsp; Each share of Preferred
Stock will have ten thousand (10,000) votes, voting together with the Common Stock.&nbsp; In the event of any merger, consolidation
or other transaction in which Common Stock is exchanged, each share of Preferred Stock will be entitled to receive ten thousand
(10,000) times the amount received per share of Common Stock.&nbsp; The rights of Preferred Stock as to dividends, liquidation
and voting are protected by anti-dilution provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 5.03. Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On August 22, 2012, the
Company filed a Certificate of Designation of Series&nbsp;A Junior Participating Preferred Stock (the &ldquo;<U>Certificate of
Designation</U>&rdquo;) with the Secretary of State of the State of Minnesota. See the description in Item&nbsp;3.03 of this Current
Report on Form 8-K for a more complete description of the powers, designations, preferences, limitations, restrictions and relative
rights of the Series&nbsp;A Junior Participating Preferred Stock. A copy of the Certificate of Designation is attached as Exhibit&nbsp;3.1
to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Exhibit&nbsp;No.</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: windowtext 1pt solid; text-align: left; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">3.1</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of Designation of Series&nbsp;A Junior Participating Preferred Stock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.1</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Rights Agreement dated August 22, 2012 by and between Wits Basin Precious Minerals Inc. and American Stock Transfer &amp; Trust Company, LLC</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">WITS BASIN PRECIOUS MINERALS INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date:&nbsp; August 22, 2012</TD>
    <TD STYLE="width: 4%">By: </TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid">/s/ Mark D. Dacko</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Mark D. Dacko</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX OF EXHIBITS</B></P>

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    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid; text-align: center; font-weight: bold">Exhibit&nbsp;No.</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: windowtext 1pt solid; text-align: left; font-weight: bold">Description</TD></TR>
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    <TD STYLE="text-align: center">3.1</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of Designation of Series&nbsp;A Junior Participating Preferred Stock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.1</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Rights Agreement dated August 22, 2012 by and between Wits Basin Precious Minerals Inc. and American Stock Transfer &amp; Trust Company, LLC</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v322216_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 30426}]
{"company-data": {"conformed-name": "WITS BASIN PRECIOUS MINERALS INC", "cik": "0000912875", "assigned-sic": "1040", "irs-number": "841236619", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12401", "film-number": "121049698"}, "business-address": {"street1": "80 SOUTH 8TH STREET", "street2": "SUITE 900", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402", "phone": "(612)349-5277"}, "mail-address": {"street1": "80 SOUTH 8TH STREET", "street2": "SUITE 900", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402"}, "former-company": [{"former-conformed-name": "ACTIVE IQ TECHNOLOGIES INC", "date-changed": "20010702"}, {"former-conformed-name": "METEOR INDUSTRIES INC", "date-changed": "19960313"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
August 22, 2012
WITS BASIN PRECIOUS MINERALS INC.
(Exact name of registrant as specified in
its charter)
Minnesota
(State or Other Jurisdiction of Incorporation)
1-12401
84-1236619
(Commission File Number)
(IRS Employer Identification No.)
80 South Eighth Street, Suite 900
Minneapolis, MN 55402
(Address of principal executive offices)
(Zip Code)
(612) 349-5277
(Registrant's telephone number, including
area code)
N/A
(Former name or former address, if changed
since last report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive
Agreement.
On August 22, 2012, the
Board of Directors of Wits Basin Precious Minerals Inc. (the "
Company
") adopted a rights plan, as set forth
in the Rights Agreement (the "
Rights Agreement
") between the Company and American Stock Transfer & Trust
Company, LLC, as rights agent ("
AST
").  AST is the current transfer agent of the Company's common
stock (the "
Common Stock
"). The following description of the terms of the Rights Agreement does not purport
to be complete and is qualified in its entirety by reference to the Rights Agreement, which is included as Exhibit 4.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
Pursuant to the terms
of the Rights Agreement, the Board of Directors of the Company declared a dividend distribution of one right (individually, a "
Right
"
and, collectively, the "
Rights
") for each outstanding share of Common Stock to shareholders of record as of
the close of business on August 22, 2012 (the "
Record Date
").  In addition, one Right will automatically
attach to each share of Common Stock issued, if any, between the Record Date and the Distribution Date (defined below).  Each
Right entitles the registered holder thereof to purchase from the Company one-ten thousandth of a share of Series A Junior Participating
Preferred Stock, no per share, of the Company (the "
Preferred Stock
") at a cash exercise price of $1.00, subject
to adjustment (the "
Exercise Price
"), under certain conditions specified in the Rights Agreement and summarized
below.
Initially, the Rights
are not exercisable and are attached to and trade with all shares of Common Stock outstanding as of, and issued subsequent to,
the Record Date.  The Rights will separate from the Common Stock and will become exercisable upon the earlier of (i)
the close of business on the tenth day following the first public announcement that a person or group of affiliated or associated
persons (an "
Acquiring Person
") has acquired beneficial ownership of 10% or more of the outstanding shares of
Common Stock, other than as a result of repurchases of stock by the Company or certain inadvertent actions by a shareholder (the
date of said announcement being referred to as the "
Stock Acquisition Date
"), or (ii) the close of business
on the tenth business day (or such later day as the Board of Directors may determine) following the commencement of, or first public
announcement of the intent any person or group to conduct, a tender offer or exchange offer that could result upon its consummation
in such person or group becoming the beneficial owner of 10% or more of the outstanding shares of Common Stock (the earlier of
such dates being herein referred to as the "
Distribution Date
").
Until the Distribution
Date (or earlier redemption, exchange or expiration of the Rights), (i) the Rights will be evidenced by the Common Stock certificates
and will be transferred with and only with such Common Stock certificates, (ii) new Common Stock certificates issued after the
Record Date will contain a notation incorporating the Rights Agreement by reference, and (iii) the surrender for transfer of any
certificates for Common Stock will also constitute the transfer of the Rights associated with the Common Stock represented by such
certificate.
As soon as practicable
after the Distribution Date, Right Certificates (as defined in the Rights Agreement) will be mailed to holders of record of Common
Stock as of the close of business on the Distribution Date and, thereafter, the separate Right Certificates alone will represent
the Rights. Except as otherwise determined by the Board of Directors, only shares of Common Stock issued prior to the Distribution
Date will be issued with Rights.
In the event that a Stock
Acquisition Date occurs, proper provision will be made so that each holder of a Right (other than an Acquiring Person or its associates
or affiliates, whose Rights shall become null and void) will thereafter have the right to purchase, for the exercise price of the
Right, fractional shares of preferred stock having a market value (based on the market value of the Common Stock) equal to twice
the exercise price (such right being referred to as the "
Subscription Right
").  In the event that,
at any time following the Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other person,
and the Company is not the continuing or surviving corporation, (ii) any person consolidates with the Company, or merges with and
into the Company and the Company is the continuing or surviving corporation of such merger and, in connection with such merger,
all or part of the shares of Common Stock are changed into or exchanged for stock or other securities of any other person or cash
or any other property, or (iii) 50% or more of the Company's assets or earning power is sold, mortgaged or otherwise transferred,
each holder of a Right (other than an Acquiring Person or its associates or affiliates,  whose Rights shall become null
and void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having a market value
equal to two times the exercise price of the Right (such right being referred to as the "
Merger Right
").  The
holder of a Right will continue to have the Merger Right whether or not such holder has exercised the Subscription Right.  Rights
that are or were beneficially owned by an Acquiring Person may (under certain circumstances specified in the Rights Agreement)
become null and void.
2
Until a Right is exercised,
the holder will have no rights as a stockholder of the Company (beyond those as an existing shareholder), including the right to
vote or to receive dividends or subscription rights.  While the distribution of the Rights will not be taxable to shareholders
or to the Company, shareholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become
exercisable for Preferred Stock, other securities of the Company, other consideration or for common stock of an acquiring company.
At any time after
a person becomes an Acquiring Person, the Board of Directors may, at its option, exchange all or any part of the
then outstanding and exercisable Rights for shares of Preferred Stock at an exchange ratio of 0.00286 shares of Preferred
Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar
transaction. Notwithstanding the foregoing, the Board of Directors generally will not be empowered to effect
such exchange at any time after any person becomes the beneficial owner of 50% or more of the Common Stock.
The Exercise Price payable,
and the number of securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent
dilution (i) in the event of a stock dividend on, or a subdivision, combination, reclassification or recapitalization of, the Preferred
Stock, (ii) if holders of the Preferred Stock are granted certain rights or warrants to subscribe for Preferred Stock or convertible
securities at less than the current market price of the Preferred Stock, or (iii) upon the distribution to holders of the Preferred
Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants
(other than those referred to above).
With certain exceptions,
no adjustment in the Exercise Price will be required until cumulative adjustments amount to at least 1% of the Exercise Price.  The
Company is not obligated to issue fractional shares.  If the Company elects not to issue fractional shares, in lieu thereof
an adjustment in cash will be made based on the fair market value of the Preferred Stock on the last trading date prior to the
date of exercise.
The Rights may be redeemed
in whole, but not in part, at a price of $0.0001 per Right by the Board of Directors only until the earlier of (i) the time at
which any person becomes an Acquiring Person or (ii) the expiration date of the Rights Agreement. Immediately upon the action of
the Board of Directors ordering redemption of the Rights, the Rights will terminate and thereafter the only right of the holders
of Rights will be to receive the redemption price.
Prior to the time at which
the Rights cease to be redeemable, the Rights Agreement may be amended in any respect without the approval of any holders of Common
Stock.  After such time the Board of Directors may, subject to certain limitations set forth in the Rights Agreement,
amend the Rights Agreement.
The Rights are not exercisable
until the Distribution Date and will expire at the close of business on August 21, 2022, unless previously redeemed or exchanged
by the Company as described above.
Item 3.03. Material Modification to Rights
of Security Holders.
The information set forth
under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
The Preferred Stock issuable
upon exercise of the Rights will have the rights and preferences set forth in the Certificate of Designation of Series A Junior
Participating Preferred Stock filed with the Secretary of State of the State of Minnesota on August 22, 2012.  The Preferred
Stock will not be redeemable and, unless otherwise provided in connection with the creation of a subsequent series of preferred
shares, will be subordinate to any other series of the Company's preferred shares.  If issued, each share of Preferred
Stock will be entitled to receive when, as and if declared by the Board of Directors, a quarterly dividend in an amount equal to
the greater of $10,000 per share or ten thousand (10,000) times the cash dividends declared on the Common Stock.  In addition,
the holders of the Preferred Stock are entitled to receive ten thousand (10,000) times any non-cash dividends (other than dividends
payable in equity securities) declared on the Common Stock, in like kind.  In the event of the liquidation of the Company,
the holders of Preferred Stock will be entitled to receive, for each share of Preferred Stock, a payment in an amount equal to
the greater of $10,000 or ten thousand (10,000) times the payment made per share of Common Stock.  Each share of Preferred
Stock will have ten thousand (10,000) votes, voting together with the Common Stock.  In the event of any merger, consolidation
or other transaction in which Common Stock is exchanged, each share of Preferred Stock will be entitled to receive ten thousand
(10,000) times the amount received per share of Common Stock.  The rights of Preferred Stock as to dividends, liquidation
and voting are protected by anti-dilution provisions.
3
Item 5.03. Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.
On August 22, 2012, the
Company filed a Certificate of Designation of Series A Junior Participating Preferred Stock (the "
Certificate of
Designation
") with the Secretary of State of the State of Minnesota. See the description in Item 3.03 of this Current
Report on Form 8-K for a more complete description of the powers, designations, preferences, limitations, restrictions and relative
rights of the Series A Junior Participating Preferred Stock. A copy of the Certificate of Designation is attached as Exhibit 3.1
to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
3.1
Certification of Designation of Series A Junior Participating Preferred Stock
4.1
Rights Agreement dated August 22, 2012 by and between Wits Basin Precious Minerals Inc. and American Stock Transfer & Trust Company, LLC
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
WITS BASIN PRECIOUS MINERALS INC.
Date:  August 22, 2012
By:
/s/ Mark D. Dacko
Mark D. Dacko
Chief Financial Officer
4
INDEX OF EXHIBITS
Exhibit No.
Description
3.1
Certification of Designation of Series A Junior Participating Preferred Stock
4.1
Rights Agreement dated August 22, 2012 by and between Wits Basin Precious Minerals Inc. and American Stock Transfer & Trust Company, LLC
5