Reference is made to the stock exchange notice dated 19 March 2025 including, inter alia, information relating to a capital requirement of minimum NOK 2,0 million in order to secure operating funds.
BSP has now secured total funds of NOK 2,8 million through a short term loan from certain leading shareholders. The loan will carry an interest of 18 %, fall due latest 30 November 2025, include a repayment option for the borrower during the loan period but with no conversion right for the lenders. The anticipated repayment will come from funds under the previously described Penchev II loan, expected to be disbursed in June.
The proceeds from the new shareholder loan will partly be used for operating purposes of the Company, and partly allocated to short term financing requirements in EPO Aheloy due to the delayed disbursement of funds from the Penchev II loan (as described in earlier stock exchange notices).
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.