Black Sea Property AS : – Conditional Private Placement fully subscribed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG OR JAPAN,
OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Oslo, 30/05/2021. Reference is made to the inventory alternate announcement revealed
by Black Sea Property AS (the "Company") on 28 May 2021 concerning a contemplated
conditional non-public placement (the "Private Placement") consisting of as much as
4,333,334 new shares (the "Offer Shares") at a hard and fast subscription worth of NOK
3.00. 

Following the expiry of the subscription interval, the Company is happy to
announce that it has raised roughly NOK 13 million in gross proceeds
by the allocation of 4,333,334 Offer Shares. 

The Private Placement was carried out in reference to the proposed merger
between the Company and Bulgaria Eiendom Invest AS ("BEI") (for additional
info, reference is made to the inventory alternate discover on 28 May 2021). The
proposed merger is topic to sure circumstances, inter alia the Company
receiving binding subscriptions for whole gross proceeds of a minimal of NOK 13
million and as much as NOK 18 million. Such situation is consequently fulfilled, and
the Company will name for a common assembly to inter alia approve the merger
plan between the Company and BEI and the issuance of shares within the Private
Placement. The common assembly is predicted to be held on or about 25 June 2021.

The proceeds from the Private Placement, together with the funds and belongings held by
BEI, shall be utilized to fund the Company's portion of a capital contribution to
EPO Aheloy with the intention to fulfill requirement for disbursements of the mortgage
proceeds below the Debt Financing.


Completion of the Private Placement is topic to the satisfaction of the
following circumstances; (i) all company resolutions of the Company's Board of
Directors' decision to proceed with the Private Placement and to allocate the
Offer Shares having been made, (ii) the shareholders of the Company having
authorised the problem of the Offer Shares in a common assembly of the Company (the
"AGM"), and (iii) that the allotted Offer Shares have been fully paid, validly
issued (by means of registration of the share capital improve pertaining to the
issuance of the New Shares within the Norwegian Register of Business Enterprises)
and registration of the Offer Shares within the VPS.

ALLOCATION TO PRIMARY INSIDERS

The following shut associates of major insiders have been allotted Offer
Shares within the Private Placement:

o	MTB Invest AS, an organization managed by chairman Egil Melkevik, has been
allotted 154 063 Offer Shares on the subscription worth of NOK 3.00;
o	Christinedal AS, an organization managed by Board member Hans Gulseth, has been
allotted 466 666 Offer Shares on the subscription worth of NOK 3.00;
o	E Larre Holding AS, an organization managed by Board member Erik Sture Larre, has
been allotted 900 000 Offer Shares on the subscription worth of NOK 3.00; and
o	Rødningen Invest AS, an organization managed by Board member Kåre Rødningen, has
been allotted 100 000 Offer Shares on the subscription worth of NOK 3.00.
Formal major insider notifications shall be launched following approval of the
share capital improve pertaining to the Private Placement by the AGM.

FURTHER INFORMATION ABOUT THE REPAIR OFFERING

The Board of Directors of the Company will suggest to the AGM to hold out a
restore providing of as much as 1 666 667 new shares in the direction of the Company's shareholders
as of 28 May 2020 (as documented by the shareholder register within the Norwegian
Central Securities Depository (VPS) as of the top of 1 June 2021) besides (i)
shareholders who have been allotted New Shares within the Private Placement, and (ii)
shareholders who're resident in a jurisdiction the place such providing could be
illegal or would require any submitting, registration or comparable motion (aside from
publishing of a prospectus in Norway) (the "Repair Offering"). The subscription
worth within the Repair Offering shall be equal to the subscription worth within the
Private Placement. The Board of Directors could at its discretion resolve to not
proceed with the Repair Offering.

The Company's Board is additional of the opinion that the Private Placement
complies with the equal remedy obligations. The Board of Directors of the
Company thought-about various buildings for the elevating of latest fairness.
Following cautious concerns, the Board of Directors resolved that it's going to
be within the widespread curiosity of the Company and its shareholders to boost fairness
by a personal placement setting apart the pre-emptive rights of the
shareholders. By structuring the transaction as a personal placement, the Company
was ready to boost capital in an environment friendly method and with considerably
decrease dangers in comparison with a rights problem.

For additional info please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: [email protected]

About Black Sea Property AS:

Black Sea Property AS is an actual property firm with holdings in an actual property
mission on the Black Sea 
coast referred to as Sunrise Gardens. Sunrise Gardens Resort is {a partially} accomplished
mission and can upon completion comprise roughly 950 residences as effectively
as important business house. Black Sea Property AS owns not directly 75% of
the mission. Black Sea Property AS will work to finalize Sunrise Gardens Resort,
to appreciate the mission's added worth by the sale of residential models and
resort operations.

The info on this announcement is taken into account to be inside info
pursuant to the EU Market Abuse Regulation.

This inventory alternate announcement was revealed by Chairman Egil Melkevik at 30
May 2021 18:13 CEST .

Click right here for extra info

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