Key information relating to the preferential rights issue to be carried out by Black Sea Property AS

03 Sep 2024 11:54 CEST

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN CANADA,
JAPAN, AUSTRALIA, HONG KONG OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN
WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS
ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED
HEREIN

Reference is made to the stock exchange announcement published by Black Sea
Property AS (the "Company" or "Black Sea Property") on 2 September 2024
regarding a notice for an extraordinary general meeting to discuss and approve
the contemplated partly underwritten rights issue in the Company, to raise gross
proceeds of up to NOK 18 million (the "Rights Issue"). Key information relating
to the Rights Issue is set out below.

• Date on which the terms and conditions of the Rights Issue were announced: 2
September 2024
• Last day including right: 16 September 2024
• Ex-date: 17 September 2024
• Record Date: 18 September 2024
• Date of approval: 16 September
• Maximum number of new shares: 150,000,000
• Subscription price: NOK 0.12
• Ratio preferential rights: 1.4837 subscription rights will be granted per
existing share registered as held as of the Record Date.
• Subscription ratio: Each subscription right will give the right to subscribe
for one (1) new share in the Rights Issue
• Manager: N/A
• Will the rights be listed: No
• ISIN for the preferential rights: To be announced when clarified
• Other information: The Rights Issue is partly underwritten, with an
underwriting amount of approximately NOK 12.89 million. The underwriters have
provided the Company with certain shareholder loans and shall convert such
shareholder loans and accrued interest to fulfill their underwriting obligations
in the Rights Issue. Please refer the notice for the EGM for further
information, published by the Company on 2 September 2024.

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.
This information is published in accordance with the requirements of Euronext
Growth Rule Book II Oslo.

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