Reference is made to the stock exchange announcement from Black Sea Property AS
(the "Company") dated 19 October 2023 regarding start of the subscription period
in a subsequent offering of up to 9,000,000 new shares in the Company (the
"Subsequent Offering"), and the Company's stock exchange announcement dated 2
October 2023 regarding the successful placing of a conditional private placement
raising gross proceeds of NOK 5.822 million (the "Private Placement").

The subscription period in the Subsequent Offering ended on 2 November 2023 at
16.30 CET. During the subscription period, the Company has received
subscriptions for NOK 731,321.50 in the Subsequent Offering through subscription
of 2,925,286 new shares (the "New Shares"). The subscription price in the
Subsequent Offering was NOK 0.25 per New Share.

The Company's board of directors has now allocated the New Shares in the
Subsequent Offering, whereby 2,925,286 New Shares have been allocated to
eligible shareholders in the Subsequent Offering. This implies that the Company
will issue 2,925,286 New Shares related to the Subsequent Offering. Letters of
allocation, giving notification of shares allocated and the corresponding amount
to be paid, will be distributed to the subscribers shortly. 

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 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.