Reference is made to the stock exchange notice by Black Sea Property AS (the
"Company") on 30 June 2021 and the general meeting's decision from the same day
regarding approval of a merger plan between the Company and Bulgaria Eiendom
Invest AS (the "Merger"), as well as share capital increases pertaining to (i)
issuance of 6,903,277 consideration shares to be delivered to the shareholders
of Bulgaria Eiendom Invest AS upon completion of the Merger, and (ii) a
subsequent repair offering (the "Subsequent Offering"). 

The Company is pleased to inform that the Merger with Bulgaria Eiendom Invest AS
has now been completed, with the effect that Bulgaria Eiendom Invest AS has been
merged into the Company. Furthermore the share capital has been increased in
connection with the Merger with NOK 1,725,819.25 through issuance of 6,903,277
new shares, each with a par value of NOK 0.25, issued at a subscription price of
NOK 3.00.

As announced on 19 July 2021, at the end of the subscription period for the
Subsequent Offering, the Company had received subscriptions for a total of NOK
1,455,489 through the issuance of 485,163 new shares, each with a subscription
rate of NOK 3.00.

The share capital increases pertaining to the Merger and the Subsequent Offering
has now been registered with the Norwegian Register of Business Enterprises, and
the new share capital in the Company is thus NOK 9,331,037 divided into
31,987,355 shares, each with a par value of NOK 0.25.

For further information, please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@em-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
partially completed 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.

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