Black Sea Property AS

Share Issue/Capital Change • Oct 4, 2024

Black Sea Property AS: Results of the Rights Issue

Black Sea Property AS: Results of the Rights Issue

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 has agreed to underwrite subscription of new shares for gross proceeds of NOK 12,885,956.

The subscription period for the Rights Issue expired on 3 October 2024, 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 171,523,331 Offer Shares. Consequently, the Rights Issue was oversubscribed with approximately 14.35%.

The final allocation of the Offer Shares has now been completed based on the allocation criteria set out in the prospectus prepared by the Company in connection with the Rights Issue, dated 16 September 2024 (the "Prospectus").

The final allocation shows that:

- 51,447,903 Offer Shares have been allocated based on validly exercised subscription rights during the subscription period; and

- 98,552,097 Offer Shares have been allocated to underwriters of the Rights Issue who has subscribed for Offer Shares during the subscription period (i.e., not based on subscription rights).

In the Rights Issue, the Company will consequently issue 149,999,996 Offer Shares.

Allocation to subscribers who have subscribed based on validly exercised subscription rights is expected to be visible at the VPS account of each subscriber during 4 October 2024. Notification of allocated Offer Shares and the corresponding subscription amount to be paid by each subscriber will be distributed on 7 October 2024. The payment date for the Offer Shares is Monday 8 October 2024.

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. 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 31 October and that Offer Shares will be delivered to subscribers on or about 1 November 2024. Subject to the aforementioned, the Offer Shares are expected to be tradable on Euronext Growth Oslo on or about 1 November 2024.

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.