Reference is made to the previous stock exchange notice from July 31, 2025, containing further information regarding the anticipated new loan of EUR 2.0 million to be arranged by Penchev Consult (the “Penchev 2 loan”), as well as requirements for further funds for the management and operations of Black Sea Property AS (“BSP” or “the Company”).
The Board is pleased to inform that BSP has now received the 1st tranche of EUR 375,000 of the Penchev 2 loan, and which has been transferred in full to EPO Aheloy (i.e. the holding company for the Sunrise River Resort). A further tranche of the loan is expected to be received before end of September.
Further, in order to secure sufficient funds for operating purposes until November 2026 as well as enabling the Company to repay its shareholder loan of NOK 2.8 million excluding interest due latest November 30, 2025, the Board will propose that BSP will conduct a rights offering of shares of up to NOK 10 million directed towards all shareholders. The indicative offer price will be NOK 0.05 per share, ie. the same price as the conversion price under the shareholder loan of NOK 5.3 million excluding interest. The proposal will be put forward in an extraordinary general assembly of the Company to be called soon.
To ensure funding until completion of the contemplated rights offering, the Company has secured a short-term liquidity loan of NOK 1.0 million from certain shareholders at commercial terms. This loan will be repaid with 1st priority from the proceeds from the rights offering.
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.