Reference is made to the stock exchange announcement by Black Sea Property AS (the "Company") on 18 June 2019, regarding the approval by the Company's general meeting of a private placement with total gross proceeds of NOK 14,253,982.35 through conversion of debt and a share capital increase of NOK 0.05 in connection with a reverse share split of the Company`s shares in the ratio 25:1.
The share capital increases mentioned above have now been registered with the Norwegian Register of Business Enterprises. The new share capital is NOK 2,295,135 divided on 229,513,500 shares, each with a par value of NOK 0.01. The new shares are immediately tradable on Merkur Market. Further information regarding effectuation of the reverse share split will be given in a separate key information notice.
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 Gardens. Sunrise Gardens Resort is a partially-completed project and will upon completion comprise approximately 950 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 Sunrise Gardens Resort, to realize the project's added value through the sale of residential units and hotel operations.