BLACK SEA PROPERTY AS – RESULT OF SUBSEQUENT OFFERING

24 Apr 2023 17:12 CEST

Reference is made to the stock exchange announcement from Black Sea Property AS
(the "Company") dated 30 March 2023 regarding start of the subscription period
in a subsequent offering of up to 17,080,000 new shares in the Company (the
"Subsequent Offering"), and the Company's stock exchange announcement dated 14
March regarding the successful placing of a conditional private placement
raising gross proceeds of NOK 8.168 million (the "Private Placement"). In the
Subsequent Offering, the Private Placement subscribers were given the right to
subscribe for shares in the Subsequent Offering that were not subscribed for by
eligible shareholders (the "Secondary Subscribers").

The subscription period in the Subsequent Offering ended on 20 April 2023 at
16.30 CET, with an extended deadline until the expiry of 24 March 2023 for the
Secondary Subscribers to subscribe for remaining shares in the subsequent
offering.

The Company has received subscriptions of NOK 4,244,504 in the Subsequent
Offering through subscription of 10,611,260 new shares (the "New Shares"), each
at a subscription price of NOK 0.40 per New Share.

The Company's board of directors has now allocated the New Shares in the
Subsequent Offering, whereby 10,036,260 New Shares have been allocated to
eligible shareholders in the Subsequent Offering and 575,000 New Shares have
been allocated to Secondary Subscribers. This implies that the Company will
issue 10,611,260 New Shares related to the Subsequent Offering. Letters of
allocation, giving notification of shares allocated and the corresponding amount
to be paid, will be distributed to the subscribers shortly.

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 River Beach Resort. Sunrise River
Beach Resort is a partially completed project and will upon completion comprise
approximately 950 apartments as well as significant commercial space. Black Sea
Property AS has indirect ownership to the project and will work to finalize
Sunrise River Beach Resort, to realize the project's added value through the
sale of residential units and hotel operations.

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