Reference is made to the stock exchange announcement from Black Sea Property AS (the "Company") dated 18 December 2019 regarding the raise of an unsecured convertible loan with total proceeds of approximately NOK 10.4 million with a right and obligation for the lenders to convert the loan into new shares in the Company (the "Conversion") and a contemplated subsequent offering following the Conversion of up to NOK 4.6 million (the "Subsequent Offering"). Reference is furthermore made to the decision of the Company's shareholders to resolve the share capital increases pertaining to the Conversion and the Subsequent Offering, as announced on 3 February 2020.
The subscription period in the Subsequent Offering commences today at 09:00 CET.
A prospectus (the "Prospectus") has been prepared in connection with the Subsequent Offering. The Prospectus contains further information about the Company, the Sunrise Gardens Resort and the terms and conditions of the Subsequent Offering. The Prospectus is not subject to review by the Norwegian Financial Supervisory Authority nor any other authority, but has been submitted to the Norwegian Register of Business Enterprises in accordance with section 7-8 of the Norwegian Securities Trading Act.
The Prospectus is attached hereto, and will also be made available at the Company's website, www.blackseaproperty.no.
Eligible shareholders who wish to participate in the Subsequent Offering must complete the subscription form found in the Prospectus and submit it to Nordea Issuer Services, as further specified on face of the subscription form, or subscribe through the VPS online subscription system.
Over-subscription will be allowed. Subscription without subscription rights is allowed for Eligible Shareholders.
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.