Black Sea Property AS announced that it has received and accepted an offer for a loan of up to EUR 12 million, which will be used to refinance the Group's existing bank debt with UniCredit Bulbank (approx. EUR 7.48 million) and provide additional capital for construction of the Sunrise Gardens Resort (approx. EUR 4.52 million) from a Bulgarian bank. This loan offer comes from a different bank than the one mentioned in the Company's stock exchange notice dated 1 March 2021. The Group will now work towards formalizing the loan offer and enter into relevant loan agreements, with a view to start utilizing the loan from the beginning of September 2021. Any utilization of the loan will be subject to satisfaction of certain conditions, including but not limited to establishment of pledges and security and the Group making available EUR 2.5 million in own funds in a bank account with the bank providing the loan offer.