McGovern Wang, Joseph Capital run Apollo Solar Energy USD9m private placement

Posted on: Wed, 25 Nov 2009 04:43:00 EST


Symbols: ASOEE
Nov 25, 2009 (M2 EQUITYBITES via COMTEX) --
ASOEE | Quote | Chart | News | PowerRating -- 25 November 2009 - Chinese miner and refiner of high-purity
tellurium-based metals Apollo Solar Energy (OTC:ASOE) said on Tuesday
financial firms McGovern Wang and Joseph Capital have helped its USD9m
(EUR6m) private placement of securities.

Specifically, China's McGovern Wang acted as the sole financial advisor
while New York-based Joseph Capital was the placement agent.

Earlier in November the company entered into a final agreement to sell
nine million of its common shares at USD1.0 apiece and use the raised
funds to boost tellurium production.

Bengbu Glass Industry Design Institute, a unit of China National
Building Materials Company Limited (HKG:3323), is the sole investor in
the private placement.

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