Black Sea Property AS

Share Issue/Capital Change • Oct 19, 2023

Black Sea Property AS: Subsequent Offering – Further information and start of subscription period

Black Sea Property AS: Subsequent Offering – Further information and start of subscription period

Reference is made to the stock exchange notice by Black Sea Property AS ("BSP" or the "Company") on 2 October 2023 regarding the successful placing of a conditional private placement raising gross proceeds of NOK 5,822,237 (the "Private Placement") and a contemplated subsequent offering (the "Subsequent Offering"). Reference is furthermore made to the decision by the general meeting of the Company on 17 October 2023 that resolved to complete the Private Placement and to carry out the Subsequent Offering of new shares in the Company.

The Subsequent Offering consists of an offering of minimum 1 and maximum 9,000,000 new shares in the Company (the "Offer Shares"), directed towards to the Company's shareholders as of 2 October 2023 (as registered in the VPS on 4 October 2023, (the "Record Date")), except; (i) shareholders who were allocated new shares in the Private Placement, and (ii) shareholders who are resident in a jurisdiction where such offering would be unlawful or would require any filing, registration or similar action (the "Eligible Shareholders").

The subscription period in the Subsequent Offering commences today, on 19 October 2023 at 09:00 hours (CEST) and will end on 2 November 2023 at 16:30 hours (CET) (the "Subscription Period"). The subscription price per Offer Shares is NOK 0.25 (the "Subscription Price"), which is equal to the subscription price in the Private Placement. If fully subscribed, the Subsequent Offering will raise gross proceeds of approximately NOK 2,250,000.

In the Subsequent Offering, Eligible Shareholders, will be granted non-transferable subscription rights (the "Subscription Rights") to subscribe for and be allocated Offer Shares on the basis of shares registered as held by the Eligible Shareholder in the Company's shareholders register in the VPS as per the Record Date. The Subscription Rights will provide preferential rights to subscribe for and be allocated Offer Shares at the Subscription Price. Each Subscription Right gives the right to subscribe for and be allocated 1 new share. Over-subscription will be permitted. Subscription without Subscription Rights will not be permitted.

The Subscription Rights must be used to subscribe for Offer Shares before the expiry of the Subscription Period on 2 November at 16.30 hours (CET). Subscription Rights that are not used to subscribe for Offer Shares before 16:30 hours (CET) on 2 November 2023 will have no value and will lapse without compensation to the holder.

The Company has prepared an invitation letter with information about the terms and conditions of the Subsequent Offering and on participation in the Subsequent Offering (the "Invitation Letter"). The Invitation Letter is attached hereto. More information is available through Company´s filings at www.newsweb.no on ticker BSP, and at the Company's website, www.blackseaproperty.no.

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.