Black Sea Property AS

Share Issue/Capital Change • Nov 13, 2024

Black Sea Property AS: Mandatory Notification of Trade

Black Sea Property AS: Mandatory Notification of Trade

Reference is made to the stock exchange notice by Black Sea Property AS ("BSP" or the "Company") on 4 October 2024, regarding the final result of the rights issue of between 107,382,966 to 150,000,000 new shares in the Company, (the "Rights Issue"), of which an underwriting consortium (jointly the "Underwriters") agreed to underwrite subscription of new shares for gross proceeds of NOK 12,885,956. Pursuant to the underwriting agreement for the Rights Issue (the "Underwriting Agreement"), the Underwriters are entitled to an underwriting commission, which shall be settled in newly issued shares in the Company at the same subscription price as the shares in the Rights Issue, NOK 0.12 per share (the "Fee Shares").

Reference is further made to the to the stock exchange notice by BSP on 12 November 2024 regarding the Company's board of directors' resolution to increase the share capital with NOK 536,914.65, through issuance of 10,738,293 Fee Shares. The Fee Shares have now been formally subscribed.

The following close associates to primary insiders have subscribed for Fee Shares in the Rights Issue:

- MTB Invest AS, a close associate of Egil Melkevik, the chairman of the board of the Company, has subscribed for 2,792,974 Fee Shares in the Rights Issue:

- North Bridge Management AS, a close associate of Dag Espen Arnesen, a board member in the Company, has subscribed for 18,353,831 Fee Shares in the Rights Issue;

- DEA Holding AS, a close associate of Dag Espen Arnesen, a board member in the Company, has subscribed for 1,795,483 Fee Shares in the Rights Issue;

- Christinedal AS, a close associate of Hans Fredrik Gulseth, a board member in the Company, has subscribed for 15,959,853 Fee Shares in the Rights Issue;

Rødningen Invest AS, a close associate of Kåre Rødningen, a board member in the Company, has subscribed for 1,396,487 Fee Shares in the Rights Issue.

Please refer to the attached notification forms for further information.

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation article 19.

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.