Black Sea Property AS (the "Company", and together with its consolidated
subsidiaries, the "Group") has over an extended period worked with securing a
long-term funding of the further development of the Sunrise Gardens Resort (the
"Resort"). The work with securing such funding has been challenging and has been
affected, among other things, by the Covid-19 pandemic and the war in Ukraine.

The Company's Board of Directors (the "Board") has assessed a number of
different funding sources, both in the form of debt and equity, and has over the
last period, together with our Bulgarian partner Boyan Bonev, negotiated with
the Bulgarian company SI Finance Group EOOD ("SI Finance") regarding a credit
facility of up to EUR 7,5 million (the "Credit Facility"). The Credit Facility
will be raised by the wholly-owned subsidiary of the Company, EPO Bulgaria EOOD
("EPO Bulgaria").

Assuming entry into of definitive agreements, the Credit Facility may be
disbursed during mid-December 2022, and may therefore be used to repay the
Group's debt to Unicredit Bulbank with approximately EUR 6 million and to fund
further development of the Resort with approximately EUR 1.5 million.

The Credit Facility will carry an interest of 1.5% per month on such amount as
is drawn down. As security for the Credit Facility, the shares in EPO Aheloy OOD
("EPO Aheloy", the development and property-owning company for the Resort) will
be transferred from EPO Bulgaria to two companies controlled by the owners of SI
Finance for the full loan term.

Due to the terms of the Credit Facility and the importance of these for the
Company, the Board wish to present the entry into of the loan agreement for the
Credit Facility (the "Loan Agreement") for approval by the general meeting,
prior to entering into the Loan Agreement and ancillary agreements and
documentation.

In light of the above, the Board hereby calls for an extraordinary general
meeting to be held on 30 November 2022 at 11.00 hours CET, at the offices of
Advokatfirmaet CLP DA, Sommerrogata 13-15, 0255 Oslo, Norway. The notice for
such extraordinary general meeting is attached to this stock exchange notice,
which also includes an overview of the key terms for the Credit Facility.

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 Gardens. Sunrise Gardens Resort is a partially completed
project and will upon completion comprise approximately 950 apartments as well
as significant commercial space. Black Sea Property AS owns indirectly 75% of
the project. Black Sea Property AS will work to finalize Sunrise Gardens Resort,
to realize the project's added value through the sale of residential units and
hotel operations.

This information is considered to be inside information and is subject to
disclosure requirements pursuant to the EU Market Abuse Regulation (MAR). The
stock exchange announcement was published by Egil Melkevik, Chairman, at the
time and date stated in this announcement.