Reference is made to previous stock exchange announcements from Black Sea
Property AS ("BSP" or the "Company") regarding the Company's partially
underwritten rights issue of minimum 107,382,966 new shares and maximum
150,000,000 new shares (the "Offer Shares"), to raise gross proceeds of up to
NOK 18,000,000 (the "Rights Issue"), of which an underwriting consortium
(jointly, the "Underwriters") has agreed to underwrite subscription of new
shares for gross proceeds of NOK 12,885,956.

Pursuant to the underwriting agreement for the Rights Issue (the "Underwriting
Agreement"), the Underwriters are entitled to an underwriting commission of 10%
of the respective Underwriters' underwriting obligation, which shall be settled
in newly issued shares in the Company (the "Fee Shares") at the same
subscription price as the Offer Shares.

On the background described above, the Company's Board of Directors has now
resolved to increase the share capital in connection with the issuance of the
Fee Shares. The Board of Directors has resolved to increase the share capital
with NOK 536,914.65 through issuance of 10,738,293 new shares, each with a par
value of NOK 0.05. The share capital increase was resolved pursuant to a Board
authorization granted by the Company's annual general meeting held on 24 June
2024. 

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.