Black Sea Property AS

Share Issue/Capital Change • Nov 12, 2024

Black Sea Property AS: Resolution to increase the share capital for settlement of underwriting commission

Black Sea Property AS: Resolution to increase the share capital for settlement of underwriting commission

Reference is made to previous stock exchange announcements from Black Sea Property AS ("BSP" or the "Company") regarding the Company's partially underwritten rights issue of minimum 107,382,966 new shares and maximum 150,000,000 new shares (the "Offer Shares"), to raise gross proceeds of up to NOK 18,000,000 (the "Rights Issue"), of which an underwriting consortium (jointly, the "Underwriters") has 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 of 10% of the respective Underwriters' underwriting obligation, which shall be settled in newly issued shares in the Company (the "Fee Shares") at the same subscription price as the Offer Shares.

On the background described above, the Company's Board of Directors has now resolved to increase the share capital in connection with the issuance of the Fee Shares. The Board of Directors has resolved to increase the share capital with NOK 536,914.65 through issuance of 10,738,293 new shares, each with a par value of NOK 0.05. The share capital increase was resolved pursuant to a Board authorization granted by the Company's annual general meeting held on 24 June 2024.

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.