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 earlier stock exchange announcements from Black Sea
Property AS ("BSP" or the "Company", and together with its consolidated
subsidiaries, the "Group") regarding, inter alia, EPO Aheloy OOD's (the holding
company for the Resort, "EPO Aheloy") funding need of approximately EUR 800,000.
The Company is required to contribute with 75% of the capital for this funding
need, corresponding to EUR 600,000.

On this background, the Company is therefore announcing that it is contemplating
carrying out a conditional private placement (the "Private Placement") of new
shares (the "Offer Shares") in the Company to raise gross proceeds of up to NOK
6.5 million. The price per Offer Share will be a fixed price of NOK 0.25.

Assuming subscription of all Offer Shares, the Company will issue 26,000,000
Offer Shares in connection with the Private Placement, each Offer Share with a
par value of NOK 0.25.

The net proceeds from the Private Placement will be utilized towards a mandatory
payment of incurred interest under EPO Aheloy's credit facility with Penchev
Consult, due in November 2023. Together with the Company's available liquidity,
the amount raised in the Private Placement (assuming subscription of all Offer
Shares) will be sufficient to fund the Company's portion, i.e. EUR 600,000 of
the interest payment to Penchev Consult.

If the Private Placement is completed, the Company expects to launch a
subsequent offering towards shareholders as of the date of the Private Placement
that did not subscribe for Offer Shares (the "Eligible Shareholders") (the
"Subsequent Offering"). The subscription price in the Subsequent Offering will
be equal to the subscription price in the Private Placement. Completion of the
Subsequent Offering will be subject to, amongst other things, approval by the
Company's shareholders in a general meeting.

The subscription period in the Private Placement will commence today, 26
September 2023 at 16:50 CEST and close on 29 September 2023 at 16:30 CET. The
Company may, however, at any time resolve to shorten or extend the subscription
period for any reason. If the subscription period is shortened or extended, any
other dates referred to herein may be amended accordingly. 

The Private Placement will be directed towards certain existing shareholders of
the Company and certain new investors, subject to and in compliance with
applicable exemptions from relevant prospectus, filing or registration
requirements.

Completion of the Private Placement is subject to the satisfaction of the
following conditions