Black Sea Property AS: Private Placement - Extension of Application Period

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.

Reference is made to the stock exchange announcements from Black Sea Property AS
("BSP" or the "Company", and together with its consolidated subsidiaries, the
"Group") on 26 September 2023 regarding the launch of a conditional private
placement (the "Private Placement") of new shares (the "Offer Shares") in the
Company.

The Company's Board of Directors have now resolved to extend the application
period in the Private Placement until 2 October 2023 at 16.30 CEST. The Board of
Directors reserves the right to short or extend the application period in the
Private Placement at any time and for any reason.

Subject to the application period being closed on 2 October 2023 at 16.30 CEST,
the extension implies that notifications of conditional allocation are expected
to be sent on or about 3 October 2032 and that the extraordinary general meeting
to discuss and vote over the share capital increases pertaining to the Private
Placement and the potential Subsequent Offering will be held on or about 17
October 2023.

For further information please contact:

Egil Melkevik, Chairman
Tel: [phone]
E-mail: [e-mail]

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.

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