Black Sea Property AS

Share Issue/Capital Change • Apr 26, 2023

BLACK SEA PROPERTY AS – SHARE CAPITAL INCREASE REGISTERED

BLACK SEA PROPERTY AS – SHARE CAPITAL INCREASE REGISTERED

Reference is made to the stock exchange announcement from Black Sea Property AS (the "Company") regarding the successful placing of a conditional private placement raising gross proceeds of NOK 8.168 million (the "Private Placement"), and to the resolution to increase the share capital by the Company's extraordinary general meeting held on 27 March 2023 to increase the share capital in connection with the Private Placement and in connection with conversion of debt outstanding under a shareholder loan from September 2022 (the "Debt Conversion").

The share capital increases relating to the Private Placement and the Debt Conversion has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 16,100,261.50 divided into 64,401,046 shares, each with a par value of NOK 0.25.

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.