Reference is made to the previous stock exchange notice from June 16th, 2025, with inter alia information relating to the anticipated new private loan of EUR 2.0 million arranged by Penchev Consult (the “Penchev 2 loan”) granted to Black Sea Property AS (“BSP” or “the Company”).
A final and binding loan agreement for the Penchev 2 loan was signed by the parties in Sofia June 26th/June 30th, with anticipated loan disbursement early July. The timeline for registration of the agreed securities in favor of the lender has, however, been and remains uncertain, as further requirements have been put forward by the lender.
Based on the above, the Board of BSP has requested the lenders under the NOK 5.3 million shareholder loan granted to BSP, due on June 30th 2025, to extend the loan period to July 31st. The Board is pleased to inform that the lenders have accepted such extention, implying that the date for giving the lenders a conversion right to shares in the Company has been extended accordingly.
Further, funds from the Penchev 2 loan will secure funds to BSP covering working capital requirements for remaining 2025. As previously stated, funds will not be available in Q4-2025 for the repayment of the March 2025 shareholder loan to BSP of NOK 2.8 million, due in November 2025. The Board of BSP will consider alternative options for securing capital needs for the coming 12 months.
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.