Black Sea Property AS: Notice of extraordinary general meeting

18 Mar 2023 10:53 CET

Reference is made to the stock exchange notice from Black Sea Property AS (the
"Company") on 14 March 2023 regarding the successful placing of a conditional
private placement to raise gross proceeds of NOK 8,168,000 (the "Private
Placement") and a contemplated subsequent offering of new shares in the Company
with gross proceeds of up to NOK 6,832,000 (the "Subsequent Offering"), as well
as conversion of a shareholder loan into new shares in the Company (the "Debt
Conversion").

The share capital increases pertaining to the Private Placement, the Subsequent
Offering and the Debt Conversion must be approved by the Company's general
meeting.

The Board of Directors of the Company hereby calls for an extraordinary general
meeting to be held on 27 March 2023 at 12.00 CET, at the offices of
Advokatfirmaet CLP DA, Sommerrogata 13-15, 0255 Oslo, Norway.

The notice for such extraordinary general meeting is attached to this stock
exchange notice. Enclosed is also as a statement from the Board of Directors
prepared in relation to the Debt Conversion and a statement from the Company's
auditor regarding the statement from the Board of Directors.

For further information, please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no

About Black Sea Property AS:

Black Sea Property AS is a real estate company with holdings in a real estate
project on the Black Sea
coast called Sunrise Gardens. Sunrise Gardens Resort is a partially completed
project and will upon completion comprise approximately 950 apartments as well
as significant commercial space. Black Sea Property AS owns indirectly 75% of
the project. Black Sea Property AS will work to finalize Sunrise Gardens Resort,
to realize the project's added value through the sale of residential units and
hotel operations.

More information:
Access the news on Oslo Bors NewsWeb site

585610_Statement from Revisjonsfirmaet Flattum & Co AS.pdf
585610_Black Sea Property AS - Statement from BoD.pdf
585610_Black Sea Property AS - Notice of EGM 27 March 2023.pdf