Reference is made to the stock exchange announcements published by Black Sea Property AS (the "Company") on 16 September 2024 regarding the general meeting's approval of the share capital increase pertaining to a partially underwritten rights issue of between 107,382,966 to 150,000,000 new shares in the Company, at a subscription price of NOK 0.12 per share (the "Offer Shares") to raise gross proceeds of up to approximately NOK 18,000,000 (the "Rights Issue"). Reference is further made to the stock exchange announcement on 19 September 2024 regarding the commencement of the subscription period for the Rights Issue.
The subscription period for the Rights Issue (the "Subscription Period") will expire today, on 3 October 2024 at 16:30 hours (CEST).
Over-subscription with subscription rights is allowed, but the Underwriters will, on a pro rata basis have a preferential right to subscribe for and be allocated Offer Shares that have not been subscribed for based on granted subscription rights as set out in the allocation principles described in the prospectus prepared by the Company in connection with the Rights Issue, dated 16 September 2024 (the "Prospectus"). Other than subscriptions from the Underwriters, subscription without subscription rights will not be permitted.
Correctly completed Subscription Forms must be received by Nordea Bank Abp, Filial I Norge (the "Settlement Agent") no later than on 3 October 2024 at 16:30 hours (CEST) at the following address or email address: Nordea Bank Abp, Filial i Norge, Issuer Services Nordea, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, or email to nis@nordea.com or in case of online subscriptions, subscriptions must be registered by the expiry of the Subscription Period through the VPS online subscription system by following this link: VPS online subscription https://investor.vps.no/sc/servlet/no.vps.sc.servlets.SCLogonServlet?ISIN=NO0013338434&TSted=000VP&Sig=e70d744d9809fbaa9bd85596a830687a6268cd9335280c8aa3006396f1e16d74 (which will redirect to the VPS online subscription system)..
Subscription Rights that are not used to subscribe for Offer Shares before the expiry of the Subscription Period will have no value and will lapse without compensation to the holder.
For more information, and the complete terms and conditions of the Rights Issue, including the subscription form, please see the prospectus published by the Company 16 September 2024 (the "Prospectus"). The Prospectus is, subject to applicable local securities laws, available in on the Stock exchange notice on Euronext Growth from the Company, dated 19 September 2024.
Advokatfirmaet CLP DA is acting as legal counsel to the Company in connection with the Rights Issue.
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 has indirect ownership to the project and will work to finalize Sunrise River Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.