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 announcement published by Black Sea
Property AS (the "Company", and together with its consolidated subsidiaries, the
"Group") on 10 March 2023 regarding a contemplated conditional private placement
(the "Private Placement") consisting of up to 22,500,000 new shares (the "Offer
Shares") at a fixed subscription price of NOK 0.40, thereby raising gross
proceeds of up to NOK 9 million.
Following the expiry of the subscription period, the Company is pleased to
announce that it has raised NOK 8,168,000 in gross proceeds through the
allocation of 20,420,000 Offer Shares.
The net proceeds from the Private Placement will be utilized towards
construction activities at the Sunrise Gardens Resort, to facilitate expected
capital requirements in connection with a refinancing of the Group's credit
facility with UniCredit Bulbank and for general corporate purposes of the
Completion of the Private Placement is subject to the satisfaction of the