Black Sea Property AS ("BSP" or the "Company" and together with its consolidated subsidiaries, the "Group") is pleased to announce that the loan offer described in the Company's stock exchange notice on 12 July 2021 is now considered binding on the bank who has offered the loan. As mentioned earlier, the Group will now work towards formalizing the loan offer and enter into definitive agreements for the loan, with a view to start utilizing the loan from the beginning of September 2021.
Further, the Company has received a binding commitment from our local Bulgarian partner, Mr. Boyan Bonev, for an investment of EUR 400,000 into EPO Aheloy OOD (the owning and development company for the Sunrise Gardens Resort). In addition to the funds raised in the recent private placement and subsequent repair offering carried out by the Company, this implies that all significant conditions for completion of the Company's merger with Bulgaria Eiendom Invest AS ("BEI") (the "Merger") have been satisfied.
Finally, the approvals by the general meetings of BSP and BEI of the Merger plan were registered with the Norwegian Register of Business Enterprises on 13 July 2021. This implies that the mandatory creditor notification period in the Merger will expire on 25 August 2021.
On this basis, the Company considers that the conditions for payment of share deposits in the private placement and the subsequent repair offering have been satisfied. The Company will therefore ask the relevant subscribers to settle their subscription amounts within 30 July 2021. Further information will be given to the subscribers.
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.