Reference is made to the stock exchange announcement from Black Sea Property AS
(the "Company") dated 2 October 2023 regarding the successful placing of a
private placement raising gross proceeds of NOK 5,822,237 (the "Private
Placement"), and to the resolution by the Company's extraordinary general
meeting held on 17 October 2023 to increase the share capital with NOK 5,822,237
through issuance of 23,288,948 new shares, each at a price per share and with a
par value of NOK 0.25.

The share capital increase pertaining to the Private Placement has now been
registered with the Norwegian Register of Business Enterprises. The Company's
new registered share capital is NOK 24,573,313.50 divided by 98,301,254 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@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.

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