Baltic Sea Properties

Share Issue/Capital Change • Jan 24, 2019

BSP – Result of the Rights Issue

BSP – Result of the Rights Issue

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN OR TO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. IT IS NOT AN OFFER OF SECURITIES FOR SALE IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN.

Reference is made to previous stock exchange announcements from Baltic Sea Properties AS (the “Company”) regarding a rights issue of NOK 24-48 million (the “Rights Issue”) by issuance of minimum 800,000 and maximum 1,600,000 new shares in the Company at a subscription price of NOK 30 (the “Offer Shares”).

The subscription period for Rights Issue expired on 23 January 2019 at 16:30 (CET). At the end of the Subscription Period, the Company had received subscriptions for a total of 2,451,613 Offer Shares, equaling a total subscription amount of NOK 73,548,366 and an oversubscription of 53.23 %.

949,405 Offer Shares are allocated to subscribers on the basis of exercised subscriptions rights, while 650,595 Offer Shares are allocated to subscribers holding subscriptions rights who had oversubscribed.

On this background, the board of directors has resolved to issue 1,600,000 new shares in the Company, each with a nominal value of NOK 0.10, to the subscribers in the Rights Issue. Thus, the Company’s share capital is increased from NOK 508,823.20 with NOK 160,000 to NOK 668,823.20, divided on 6,688,232 shares, each with a nominal value of NOK 0.10. The shares are issued pursuant to a board authorization granted by the Company’s annual general meeting on 30 May 2018.

For further information, please contact:

Lars Christian Berger, CEO

Tel: +47 930 94 319

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This announcement is made pursuant to the disclosure requirements pursuant to the Continuing Obligations for companies listed on Merkur Market.

This announcement is not and does not form a part of any offer for sale of any securities, and is not for release, publication or distribution, directly or indirectly, in the United States, or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Baltic Sea Properties AS does not intend to register its securities in the United States. The distribution of this announcement into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement has not been approved by any regulatory authority.