Black Sea Property AS: Results of the Rights Issue

15 Oct 2025 12:26 CEST

Reference is made to previous stock exchange announcements from Black Sea
Property AS ("BSP" or the "Company") on 9 September 2025 regarding the rights
issue of up to 200,000,000 new shares (the "Offer Shares") at a subscription
price of NOK 0.05 per Offer Share (the "Subscription Price"), raising gross
proceeds of up to NOK 10,000,000 (the "Rights Issue").

The subscription period for the Rights Issue expired on 14 October 2025, at
16.30 hours (CEST). At the expiry of the subscription period in the Rights
Issue, the Company had received valid subscriptions for a total of 195,392,190
Offer Shares. Subsequently, one of the lenders under Shareholder Loan 1 (as
defined below) has been allocated the remaining 4,607,810 Offer Shares, thus
bringing the total number of subscribed Offer Shares up to the maximum of
200,000,000 Offer Shares.

The final allocation of the Offer Shares has now been completed based on the
allocation criteria set out in the invitation letter prepared by the Company in
connection with the Rights Issue, dated 30 September 2025 (the "Invitation
Letter").

The final allocation shows that:

- 138,662,894 Offer Shares have been allocated based on validly exercised
subscription rights during the subscription period;
- 56,729,296 Offer Shares have been allocated to subscribers who have exercised
subscription rights and over-subscribed on a pro-rata basis on the number of
subscription rights exercised; and
- 4,607,810 Offer Shares have been allocated to one lender to the Company under
the shareholder loan with a principal amount of approximately NOK 5.34 million
raised in November 2024 ("Shareholder Loan 1").

Notification of allocated Offer Shares and the corresponding subscription amount
to be paid by each subscriber will be distributed on 15 October 2025. The
payment date for the Offer Shares is Friday 17 October 2025.

The Offer Shares may not be transferred or traded before they have been fully
paid by all subscribers and the share capital increase pertaining to the Rights
Issue has been registered with the Norwegian Register of Business Enterprises
and such share capital increase has been announced by the Company. Subject to
timely payment of the aggregate subscription amount in the Rights Issue, it is
expected that the Company's new share capital following the Rights Issue will be
registered with the Norwegian Register of Business Enterprises on or about 22
October 2025 and that Offer Shares will be delivered to subscribers on or about
23 October 2025. Subject to the aforementioned, the Offer Shares are expected to
be tradable on Euronext Growth Oslo on or about 23 October 2025.

Adviser:

Advokatfirmaet CLP DA is acting as legal adviser 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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