Black Sea Property AS

Share Issue/Capital Change • Dec 18, 2019

BLACK SEA PROPERTY AS: KEY INFORMATION RELATING TO SUBSEQUENT OFFERING

BLACK SEA PROPERTY AS: KEY INFORMATION RELATING TO SUBSEQUENT OFFERING

Reference is made to the announcement by Black Sea Property AS on 18 December 2019 concerning, inter alia, a convertible loan with gross proceeds of NOK 10.3 million and a contemplated NOK 4.6 million subsequent offering (the "Subsequent Offering") with non-tradable subscription rights for eligible shareholders.

Date on which the terms of the Subsequent Offering was announced: 18 December 2019

Last day including right to receive subscription rights: 17 December 2019

First day excluding right to receive subscription rights: 18 December 2019

Record date: 19 December 2019

EGM date: To be announced at a later time

Maximum number of new shares: 2,300,000

Subscription price: NOK 2.00

Shall the rights be listed No

The Subsequent Offering is conditional upon approval of the share capital increase pertaining to the Subsequent Offering by the extraordinary general meeting to be held during January 2020.

This information is published in accordance with the requirements of the Continuing Obligations.