Reference is made to previous stock exchange announcements from Black Sea Property AS ("BSP" or the "Company") on 9 September 2025 regarding the rights issue of up to 200,000,000 new shares (the "Offer Shares") at a subscription price of NOK 0.05 per Offer Share (the "Subscription Price"), raising gross proceeds of up to NOK 10,000,000 (the "Rights Issue").
The subscription period for the Rights Issue expired on 14 October 2025, at 16.30 hours (CEST). At the expiry of the subscription period in the Rights Issue, the Company had received valid subscriptions for a total of 195,392,190 Offer Shares. Subsequently, one of the lenders under Shareholder Loan 1 (as defined below) has been allocated the remaining 4,607,810 Offer Shares, thus bringing the total number of subscribed Offer Shares up to the maximum of 200,000,000 Offer Shares.
The final allocation of the Offer Shares has now been completed based on the allocation criteria set out in the invitation letter prepared by the Company in connection with the Rights Issue, dated 30 September 2025 (the "Invitation Letter").
The final allocation shows that:
- 138,662,894 Offer Shares have been allocated based on validly exercised subscription rights during the subscription period;
- 56,729,296 Offer Shares have been allocated to subscribers who have exercised subscription rights and over-subscribed on a pro-rata basis on the number of subscription rights exercised; and
- 4,607,810 Offer Shares have been allocated to one lender to the Company under the shareholder loan with a principal amount of approximately NOK 5.34 million raised in November 2024 ("Shareholder Loan 1").
Notification of allocated Offer Shares and the corresponding subscription amount to be paid by each subscriber will be distributed on 15 October 2025. The payment date for the Offer Shares is Friday 17 October 2025.
The Offer Shares may not be transferred or traded before they have been fully paid by all subscribers and the share capital increase pertaining to the Rights Issue has been registered with the Norwegian Register of Business Enterprises and such share capital increase has been announced by the Company. Subject to timely payment of the aggregate subscription amount in the Rights Issue, it is expected that the Company's new share capital following the Rights Issue will be registered with the Norwegian Register of Business Enterprises on or about 22 October 2025 and that Offer Shares will be delivered to subscribers on or about 23 October 2025. Subject to the aforementioned, the Offer Shares are expected to be tradable on Euronext Growth Oslo on or about 23 October 2025.
Adviser:
Advokatfirmaet CLP DA is acting as legal adviser 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.