AMENDMENT TO WARRANT ISSUED DECEMBER 1, 2005

EX-10.11 12 v109578_ex10-11.htm Unassociated Document

AMENDMENT TO WARRANT ISSUED DECEMBER 1, 2005

THIS AMENDMENT AGREEMENT (the “Amendment”) is entered into as of March 28, 2008, between INTREPID TECHNOLOGY AND RESOURCES, INC., a corporation organized and existing under the laws of the State of Idaho (the “Company”), and YA GLOBAL INVESTMENTS, L.P. a Cayman Island exempted limited partnership (the “Holder”).

WHEREAS, the Company issued to the Holder on December 1, 2005 that certain warrant to purchase 5,000,000 shares of the Company’s Common Stock at an exercise price of $0.055 (the “Warrant”); and

WHEREAS, the parties wish to amend the Warrant as set forth below.

NOW, THEREFORE, it is agreed:

I.	Amendments.

Section 1(b)(xv) “Warrant Exercise Price”: Section 1(b)(xv) of the Warrant is hereby deleted in its entirety and the following language shall replace said Section 1(b)(xv):

Section 1(b)(xv) “Warrant Exercise Price” shall be $0.01 or as subsequently adjusted as provided in Section 8 hereof.

II.

Miscellaneous.

Except as provided hereinabove, all of the terms and conditions contained in the Warrant shall remain unchanged and in full force and effect.

This Amendment is made pursuant to and in accordance with the terms and conditions of the Warrant.

All capitalized but not defined terms used herein shall have those meanings ascribed to them in the Warrant.

All provisions in the Warrant and any amendments, schedules or exhibits thereto in conflict with this Amendment shall be and hereby are changed to conform to this Amendment.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by the undersigned, thereunto duly authorized, as of the date first set forth above.

	COMPANY:
	INTREPID TECHNOLOGY AND RESOURCES, INC.

	By: __/s/ Jacob D. Dustin_____________________
	Name Jacob D. Dustin
	Title: President


	YA GLOBAL INVESTMENTS, L.P.
	By: Yorkville Advisors LLC
	Its: Investment Manager

	By: ___/s/ Mark Angelo _____________________
	Name Mark Angelo
	Title: President & Portfolio Manager