Brief: Black Sea Property Updates Regarding New Loan Of EUR 2.0 Mln, Liquidity Requirements

Black Sea Property AS

31/07/2025 07:14

July 31 (Reuters) - Black Sea Property AS BSPC.OL:

UPDATE REGARDING NEW LOAN OF EUR 2.0 MILLION AND LIQUIDITY REQUIREMENTS

HAS NOW BEEN INFORMED BY LENDER THAT PENCHEV 2 LOAN MUST BE DIVIDED INTO UP TO 5 SEPARATE TRANCHES

FINAL AGREEMENT FOR THE LOAN HAS NOT YET BEEN ENTERED INTO AND WILL SUBJECT TO NEGOTIATIONS BETWEEN THE PARTIES GOING FORWARD

AIMS AT SIGNING THE NECESSARY AGREEMENTS WELL IN ADVANCE OF THE FIRST DRAW-DOWN AT THE END OF AUGUST 2025

REVISED TERMS IMPLIE BSP WILL NOT HAVE FUNDS TO REPAY NOK 5.3 MILLION SHAREHOLDER LOAN

THE LOAN WILL THEREFORE AUTOMATICALLY BE EXTENDED UNTIL NOVEMBER 30, 2026, AND THE LENDERS WILL HOLD A CONVERSION RIGHT TO SHARES IN BSP AT AN AGREED CONVERSION PRICE OF NOK 0.05 PER SHARE

REVISED TERMS OF THE PENCHEV 2 LOAN FURTHER IMPLIES THAT NO FUNDS WILL BE AVAILABLE TO BSP FOR OPERATING PURPOSES

BOARD OF BSP WILL THEREFORE CONSIDER ALTERNATIVE OPTIONS FOR SECURING CAPITAL NEEDS FOR THE COMING 12 MONTHS

Source text: ID:nObiclrJja

Further company coverage: BSPC.OL

 (Gdansk Newsroom)

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