Black Sea Property AS

Share Issue/Capital Change • Nov 7, 2024

Black Sea Property AS: New share capital registered

Black Sea Property AS: New share capital registered

Reference is made to the stock exchange announcement on 16 September 2024 from Black Sea Property AS ("Black Sea Property"), regarding the resolution by the general meeting in the Company to carry out a partially underwritten rights issue to raise gross proceeds of up to NOK 18,000,000 through issuance of minimum 107,382,966 and maximum 150,000,000 new shares (the "Offer Shares"). The share capital increase relating to the issuance of the Offer Shares has now been registered with the Norwegian Register of Business Enterprises. The share capital has been increased with NOK 7,499,999.80 through the issuance of 149,999,996 Offer Shares. The new share capital of the Company is NOK 12,554,964.50 divided by 251,099,290 shares, each with a par value of NOK 0.05.

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.