Black Sea Property AS – update regarding new loan of EUR 2.0 million and liquidity requirements

20 Aug 2025 08:00 CEST

Reference is made to the previous stock exchange notice from July 31, 2025,
containing further information regarding the anticipated new loan of EUR 2.0
million to be arranged by Penchev Consult (the “Penchev 2 loan”), as well as
requirements for further funds for the management and operations of Black Sea
Property AS (“BSP” or “the Company”).

The Board is pleased to inform that BSP has now received the 1st tranche of EUR
375,000 of the Penchev 2 loan, and which has been transferred in full to EPO
Aheloy (i.e. the holding company for the Sunrise River Resort). A further
tranche of the loan is expected to be received before end of September.

Further, in order to secure sufficient funds for operating purposes until
November 2026 as well as enabling the Company to repay its shareholder loan of
NOK 2.8 million excluding interest due latest November 30, 2025, the Board will
propose that BSP will conduct a rights offering of shares of up to NOK 10
million directed towards all shareholders. The indicative offer price will be
NOK 0.05 per share, ie. the same price as the conversion price under the
shareholder loan of NOK 5.3 million excluding interest. The proposal will be put
forward in an extraordinary general assembly of the Company to be called soon.

To ensure funding until completion of the contemplated rights offering, the
Company has secured a short-term liquidity loan of NOK 1.0 million from certain
shareholders at commercial terms. This loan will be repaid with 1st priority
from the proceeds from the rights offering.


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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