Reference is made to the stock exchange notice on 27 March 2023, where it was announced that the general meeting of Black Sea Property AS (the "Company" or "BSP") had approved, inter alia, a share capital increase to be settled through a conversion of debt that will imply issuance of 5,090,414 new shares (the "Debt Conversion"), at a price per share of NOK 0.40.
Among the subscribers in the Debt Conversion were the following close associates of primary insiders in BSP:
• Christinedal AS, a company controlled by Board member Hans Gulseth, subscribed for 742,932 new shares, each at the subscription price of NOK 0.40; and
• DEA Holding AS, a company controlled by Board member Dag Espen Arnesen, subscribed for 531,000 new shares, each at the subscription price of NOK 0.40.
Please also see the attached notification forms for further information.
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 River Beach Resort. Sunrise River Beach 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 River Resort Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.