Black Sea Property AS

BLACK SEA PROPERTY AS - COMPLETES EXTRAORDINARY GENERAL MEETING AND APROVES RIGHTS ISSUE OF NOK 22.5M

Black Sea Property ("BSP" or the "Company") has today

completed an extraordinary general meeting ("EGM"). At the

EGM the Company's shareholders passed a resolution approving

the previously announced rights issue of NOK 22.5m with pre-

emptive rights for existing shareholders (the "Rights

Issue").

Please note that certain clarifications were made in the

resolution to approve the Rights Issue. Please see the

enclosed signed minutes of the general meeting.

The Subscription period in the Rights Issue commence on

Monday 13 March 2017 09.00 CET. Subscription material will

be distributed in connection with the commencement of the

subscription period.

For further information please contact:

Egil Melkevik, Chairman

Tel: +47 90 77 09 76

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 Aheloy Beach Resort. Aheloy Beach Resort is a

partially-completed project and will upon

completion comprise over 1,000 apartments as well as

significant commercial space. Black Sea Property AS owns

indirectly 75% of the project. Black Sea Property AS will

work to finalize Aheloy Beach Resort, to realize the

project's added value through the sale of residential units

and hotel operations.

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