Reference is made to the company's stock exchange notice of 18 December 2019,
where it was announced that the company had raised a convertible loan of NOK
10.4 million and a proposal from the Board of Directors to initiate a subsequent
offering with gross proceeds of up to NOK 4.6 million. The Board of Directors of
Black Sea Property AS hereby calls for an extraordinary general meeting to be
held on 3 February 2020 at 12.00 CET in the offices of Advokatfirmaet CLP DA,
Sommerrogata 13-15, 0255 Oslo, to discuss a proposal for a share capital
increase in connection with the conversion of the loan and a proposal for a
share capital increase in connection with the subsequent offering.

The notice for the extraordinary general meeting is attached to this stock
exchange notice.

The statement from the Board of Directors in connection with the debt conversion
and the auditor's statement on the Board statement will be made available at the
Company's website, http://www.blackseaproperty.no/.

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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