Black Sea Property AS: Last day of subscription period in the subsequent offering

03 Oct 2024 08:00 CEST

Reference is made to the stock exchange announcements published by Black Sea
Property AS (the "Company") on 16 September 2024 regarding the general meeting's
approval of the share capital increase pertaining to a partially underwritten
rights issue of between 107,382,966 to 150,000,000 new shares in the Company, at
a subscription price of NOK 0.12 per share (the "Offer Shares") to raise gross
proceeds of up to approximately NOK 18,000,000 (the "Rights Issue"). Reference
is further made to the stock exchange announcement on 19 September 2024
regarding the commencement of the subscription period for the Rights Issue.

The subscription period for the Rights Issue (the "Subscription Period") will
expire today, on 3 October 2024 at 16:30 hours (CEST).

Over-subscription with subscription rights is allowed, but the Underwriters
will, on a pro rata basis have a preferential right to subscribe for and be
allocated Offer Shares that have not been subscribed for based on granted
subscription rights as set out in the allocation principles described in the
prospectus prepared by the Company in connection with the Rights Issue, dated 16
September 2024 (the "Prospectus"). Other than subscriptions from the
Underwriters, subscription without subscription rights will not be permitted.

Correctly completed Subscription Forms must be received by Nordea Bank Abp,
Filial I Norge (the "Settlement Agent") no later than on 3 October 2024 at 16:30
hours (CEST) at the following address or email address: Nordea Bank Abp, Filial
i Norge, Issuer Services Nordea, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, or
email to nis@nordea.com or in case of online subscriptions, subscriptions must
be registered by the expiry of the Subscription Period through the VPS online
subscription system by following this link: VPS online subscription
https://investor.vps.no/sc/servlet/no.vps.sc.servlets.SCLogonServlet?ISIN=NO0013
338434&TSted=000VP&Sig=e70d744d9809fbaa9bd85596a830687a6268cd9335280c8aa3006396f
1e16d74 (which will redirect to the VPS online subscription system)..

Subscription Rights that are not used to subscribe for Offer Shares before the
expiry of the Subscription Period will have no value and will lapse without
compensation to the holder.

For more information, and the complete terms and conditions of the Rights Issue,
including the subscription form, please see the prospectus published by the
Company 16 September 2024 (the "Prospectus"). The Prospectus is, subject to
applicable local securities laws, available in on the Stock exchange notice on
Euronext Growth from the Company, dated 19 September 2024.

Advokatfirmaet CLP DA is acting as legal counsel to the Company in connection
with the Rights Issue.

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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