Black Sea Property AS calls EGM for rights issue and loan conversion

Black Sea Property AS has announced an Extraordinary General Meeting (EGM) to be held on September 25, 2025, at the offices of Advokatfirmaet CLP DA in Oslo. The primary agenda items include the formal approval of a rights issue aiming to raise up to NOK 10,000,000, and a proposal for board authorization to increase share capital through the conversion of an approximately NOK 5,340,000 shareholder loan. The rights issue, with a proposed subscription price of NOK 0.05 per offer share, is intended to secure necessary liquidity, fund working capital (approximately NOK 3,000,000), and repay an existing shareholder loan of NOK 2,800,000 plus accrued interest from March 2025.

Shareholders registered by September 18, 2025 (record date) will be eligible to participate and vote. The subscription period for the rights issue is scheduled from September 30, 2025, to October 14, 2025. The board authorization for the shareholder loan conversion, with a nominal value of NOK 0.05 per share, will be valid until January 15, 2027, and is conditional upon the capital increase from the rights issue reaching at least NOK 15,057,024. New shares under the rights issue cannot be subscribed by investors in jurisdictions where such an offering is unlawful, requires prospectus approval, or for investors in the United States.

The EGM will also address the election of a meeting chairman, approval of the notice and agenda, and the selection of a person to co-sign the minutes. These measures are vital for Black Sea Property AS, a real estate company with holdings in the Sunrise River Beach Resort project, to finalize the project and realize its added value.