Black Sea Property AS: Update on debt financing

21 Oct 2024 08:00 CEST

Reference is made to the stock exchange notice dated 11 September 2024, where
Black Sea Property AS ("Black Sea Property", the "Company", and together with
its consolidated subsidiaries, the "Group"), where the Company, inter alia,
announced that EPO Aheloy (the owning company for the Sunrise River Beach
Resort) had a financing need of EUR 2.0 million, planned to be fully financed by
an increase in the bridge loan provided by Penchev Consult.

EPO Aheloy has now received acceptance for such increase in the bridge loan, and
will work towards formalizing the loan documentation as soon as possible.
However, the process of establishing necessary security for the increased loan
is expected to be finalized during Q1 2025, and EPO Aheloy therefore has a need
for short term financing for the period until disbursement of the increased loan
amount from Penchev Consult. Black Sea Property's portion of such short-term
financing need is approximately EUR 0.5 million, and the Company's Board of
Directors is assessing potential solutions for addressing the short-term
financing need. Further information will be given in due course.

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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