In April, 2010, certain investors purchased an aggregate of 2,697,002 units of St. Elias at a price of $0.75 per unitfor a total purchase price of $2,022,750 by way of private placement. Each unit comprised one Share and one Warrant entitling the holder to purchase one further Share for a period of one year at an exercise price of $1.00 per Share. Lori McClenahan, President of St. Elias, purchased 106,667 units and 47,585 units through Senojoc Management Inc., a company owned and controlled by Lori McClenahan.