Reference is made to the stock exchange notice on 30 May 2021 regarding the successful placing of a private placement raising gross proceeds of approximately NOK 13 million (the "Privat Placement") through issuance of new shares (the "Offer Shares") in Black Sea Property AS (the "Company").
As disclosed on 30 May 2021, the following close associates of primary insiders were allocated Offer Shares in the Private Placement:
• MTB Invest AS, a company controlled by chairman Egil Melkevik, has been allocated 154,063 Offer Shares at the subscription price of NOK 3.00;
• Christinedal AS, a company controlled by Board member Hans Gulseth, has been allocated 466,666 Offer Shares at the subscription price of NOK 3.00;
• E Larre Holding AS, a company controlled by Board member Erik Sture Larre, has been allocated 900,000 Offer Shares at the subscription price of NOK 3.00; and
• Rødningen Invest AS, a company controlled by Board member Kåre Rødningen, has been allocated 100,000 Offer Shares at the subscription price of NOK 3.00.
On 30 June 2021, the annual general meeting of the Company resolved the share capital increase pertaining to the Private Placement, thus making the allocations of Offer Shares unconditional. The Company is therefore publishing formal primary insider notifications in relation to the above allocations of Offer Shares, with additional information being available in the attached notification forms.
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.