Reference is made to the stock exchange notice dated 11 September 2024, where Black Sea Property AS ("Black Sea Property", the "Company", and together with its consolidated subsidiaries, the "Group"), where the Company, inter alia, announced that EPO Aheloy (the owning company for the Sunrise River Beach Resort) had a financing need of EUR 2.0 million, planned to be fully financed by an increase in the bridge loan provided by Penchev Consult.
EPO Aheloy has now received acceptance for such increase in the bridge loan, and will work towards formalizing the loan documentation as soon as possible. However, the process of establishing necessary security for the increased loan is expected to be finalized during Q1 2025, and EPO Aheloy therefore has a need for short term financing for the period until disbursement of the increased loan amount from Penchev Consult. Black Sea Property's portion of such short-term financing need is approximately EUR 0.5 million, and the Company's Board of Directors is assessing potential solutions for addressing the short-term financing need. Further information will be given in due course.
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.