Black Sea Property AS ("BSP" or the "Company" and together with its consolidated
subsidiaries, the "Group") is pleased to announce that the loan offer described
in the Company's stock exchange notice on 12 July 2021 is now considered binding
on the bank who has offered the loan. As mentioned earlier, the Group will now
work towards formalizing the loan offer and enter into definitive agreements for
the loan, with a view to start utilizing the loan from the beginning of
September 2021.

Further, the Company has received a binding commitment from our local Bulgarian
partner, Mr. Boyan Bonev, for an investment of EUR 400,000 into EPO Aheloy OOD
(the owning and development company for the Sunrise Gardens Resort). In addition
to the funds raised in the recent private placement and subsequent repair
offering carried out by the Company, this implies that all significant
conditions for completion of the Company's merger with Bulgaria Eiendom Invest
AS ("BEI") (the "Merger") have been satisfied.

Finally, the approvals by the general meetings of BSP and BEI of the Merger plan
were registered with the Norwegian Register of Business Enterprises on 13 July
2021. This implies that the mandatory creditor notification period in the Merger
will expire on 25 August 2021.

On this basis, the Company considers that the conditions for payment of share
deposits in the private placement and the subsequent repair offering have been
satisfied. The Company will therefore ask the relevant subscribers to settle
their subscription amounts within 30 July 2021. Further information will be
given to the subscribers.
 
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.

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