Black Sea Property AS: Results of the Rights Issue
Reference is made to previous stock exchange announcements from Black SeaProperty AS ("BSP" or the "Company") on 9 September 2025 regarding the rightsissue of up to 200,000,000 new shares (the "Offer Shares") at a subscriptionprice of NOK 0.05 per Offer Share (the "Subscription Price"), raising grossproceeds of up to NOK 10,000,000 (the "Rights Issue").
The subscription period for the Rights Issue expired on 14 October 2025, at16.30 hours (CEST). At the expiry of the subscription period in the RightsIssue, the Company had received valid subscriptions for a total of 195,392,190Offer Shares. Subsequently, one of the lenders under Shareholder Loan 1 (asdefined below) has been allocated the remaining 4,607,810 Offer Shares, thusbringing the total number of subscribed Offer Shares up to the maximum of200,000,000 Offer Shares.
The final allocation of the Offer Shares has now been completed based on theallocation criteria set out in the invitation letter prepared by the Companyinconnection with the Rights Issue, dated 30 September 2025 (the "InvitationLetter").
The final allocation shows that:
- 138,662,894 Offer Shares have been allocated based on validly exercisedsubscription rights during the subscription period;- 56,729,296 Offer Shares have been allocated to subscribers who haveexercisedsubscription rights and over-subscribed on a pro-rata basis on the number ofsubscription rights exercised; and- 4,607,810 Offer Shares have been allocated to one lender to the Companyunderthe shareholder loan with a principal amount of approximately NOK 5.34 millionraised in November 2024 ("Shareholder Loan 1").
Notification of allocated Offer Shares and the corresponding subscriptionamountto be paid by each subscriber will be distributed on 15 October 2025. Thepayment date for the Offer Shares is Friday 17 October 2025.
The Offer Shares may not be transferred or traded before they have been fullypaid by all subscribers and the share capital increase pertaining to theRightsIssue has been registered with the Norwegian Register of Business Enterprisesand such share capital increase has been announced by the Company. Subject totimely payment of the aggregate subscription amount in the Rights Issue, it isexpected that the Company's new share capital following the Rights Issue willberegistered with the Norwegian Register of Business Enterprises on or about 22October 2025 and that Offer Shares will be delivered to subscribers on orabout23 October 2025. Subject to the aforementioned, the Offer Shares are expectedtobe tradable on Euronext Growth Oslo on or about 23 October 2025.
Adviser:
Advokatfirmaet CLP DA is acting as legal adviser to the Company in connectionwith the Rights Issue.
For further information, please contact:
Egil Melkevik, ChairmanTel: +47 90 77 09 76E-mail: em@ms-solutions.no
About Black Sea Property AS:
Black Sea Property AS is a real estate company with holdings in a real estateproject on the Black Sea coast called Sunrise River Beach Resort. SunriseRiverBeach Resort is a partially completed project and will upon completioncompriseapproximately 950 apartments as well as significant commercial space. BlackSeaProperty AS has indirect ownership to the project and will work to finalizeSunrise River Beach Resort, to realize the project's added value through thesale of residential units and hotel operations.
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