November 25, 2009 (FinancialWire) — Apollo Solar Energy, Inc., (OTCBB: ASOE) said it has entered into a definitive agreement for the private placement of securities to certain accredited investors, which is expected to result in aggregate gross proceeds to the company of $9 million.

On November 20, the company reported entry into a definitive agreement to sell nine million shares of its common stock at a purchase price per share of $1. The closing of the private placement is scheduled to take place within 60 days following the signing date.

Bengbu Glass Industry Design Institute, a subsidiary of China National Building Materials company, will be the sole investor in the private placement. The company plans to use the net proceeds from the private placement for increasing the company’s tellurium production and general corporate purposes.

China-based Apollo Solar Energy, through its wholly owned subsidiary, Sichuan Apollo Solar Science & Technology Co., is primarily engaged in the mining and refining of tellurium and high-purity tellurium based metals for specific segments of the global electronic materials market. The company’s products include CdTe thin-film compounds, CIGS thin-film compounds, ultra-high purity metals, and commercial-purity metals.

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