On October 7, 2011, certain investors purchased an aggregate of 2,500,000 units of St. Elias at a price of $1.80 perunit for gross proceeds of $4,500,000 by way of private placement. Each unit was comprised of one Share and one Warrant entitling the holder to purchase one further Share for a period of one year at an exercise price of $2.10 per Share.

Lori McClenahan, President of St. Elias purchased 950,000 units through Senojoc Management Inc., acompany owned and controlled by Lori McClenahan. Duncan Bain, a director of St. Elias purchased 10,000 units.