Delorean : Dispatch of Share Purchase Plan Offer Document

7 April 2022

Share Purchase Plan Offer Document

Delorean Corporation Limited (ASX: DEL) is pleased to confirm that it has today dispatched its Share Purchase Plan (SPP) Offer Documents to its shareholders, and the SPP offer is now open. A copy of a Company update has also been dispatched to all shareholders.

The key dates for the SPP are as follows:

Record Date for Share Purchase Plan	Friday 1 April 2022
Announce Share Purchase Plan	Monday 4 April 2022
Dispatch Share Purchase Plan booklet and Offer to shareholders Opening date for Share Purchase Plan	Thursday 7 April 2022
Closing date for Share Purchase Plan	Friday 22 April 2022- 5.00pm (WST)
Announcement of result of Share Purchase Plan	Tuesday 26 April 2022.
Issue of new Shares under the Share Purchase Plan and lodge Appendix 2A	Thursday 28 April 2022.

-

These dates are indicative only. The Company may vary the dates and times of the Offer by lodging a revised notice with the ASX.

Authorised on behalf of the Delorean Corporation Board of Directors by Hamish Jolly, Executive Chair.

For more information/interview please contact:

Joseph Oliver, Managing Director

Delorean Corporation Ltd [phone]

Bianca Barlow, Investor Relations Delorean Corporation Ltd [phone]

Delorean Corporation Ltd | ACN 638 111 127

Deloreancorporation.com.au |Unit 1 Ground Floor, 1205 Hay Street WEST PERTH WA 6005 | PH: 08 6147 7575

About Delorean Corporation Limited

Delorean Corporation is a leading Australian bioenergy company. Delorean specialises in the design, build, ownership and management of bioenergy infrastructure. In addition to bioenergy power generation, Delorean also operates in the energy retail market. Delorean Corporation is a vertically integrated company positioned in two high growth industries; renewable energy and waste management.

Delorean Corporation comprises an engineering division, infrastructure division and retail energy division. Through these divisions Delorean Corporation has the inhouse capability to deliver bioenergy projects across the full lifecycle, from project conception to completion, processing organic waste, generating renewable energy and monetising the sale of green electricity, heat and gas.

DEL's projects produce renewable energy whilst reducing the volume of waste going to landfill, utilising a model that generates multiple revenue streams.

4 April 2022

Dear Shareholder,

Invitation to Participate in Share Purchase Plan

On 4 April 2022, Delorean Corporation Limited (ACN 638 111 127) (Delorean or the Company) announced that it has received firm commitments for a placement of 26,470,588 fully paid ordinary shares (Shares) at a price of $0.17 per Share to sophisticated, institutional and professional investors, raising $4.5 million (Placement).

The Shares to be issued under the Placement will be issued under the Company's placement capacity pursuant to ASX Listing Rule 7.1 and ASX Listing Rule 7.1A.

In order to provide Eligible Shareholders (defined below) with the ability to participate in the Company's capital raising activities, the Company is pleased to provide details of a Share Purchase Plan (Plan).

Under the Plan, Eligible Shareholders will have the opportunity to purchase up to $30,000 worth of Shares at the same price as the Placement, irrespective of the size of their shareholding, without incurring brokerage or transaction costs.

The offer under the Plan (Offer) is intending to raise up to $2.0 million on the terms and conditions (Terms and Conditions) contained in this letter. The Company may elect to accept additional subscriptions or alternatively close the Offer early and/or scale back applications.

Shareholders Eligible to Participate in the Plan

Participation under the Plan is optional and is available exclusively to shareholders of the Company who are registered as holders of Shares at 5.00pm WST on 1 April 2022 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders).

Share Purchase Plan

The Plan entitles Eligible Shareholders, irrespective of the size of their shareholding, to purchase up to $30,000 worth of Shares at an issue price of $0.17 (Price) being the same price as the Shares offered to sophisticated and professional investors under the Placement. The Price represents a discount of 18.7% to a $0.209 share price (being the volume weighted average market price (VWAP) of the Shares over the last five trading days on which sales in the Shares were recorded before the day on which the Plan was announced.)

Whilst the Company intends to raise up to $2.0 million under the Plan, the Company reserves the right to accept additional applications subject to shareholder demand and compliance with the ASX Listing Rules. In accordance with the ASX Listing Rules, the maximum number of Shares that can be issued under a share purchase plan is that amount equal to 30% of the Company's existing issued share capital. Accordingly, as at the date of this document the maximum number of Shares which will be issued under this Plan will be 53,903,484.

Depending on applications received, the Company may, in its absolute discretion, undertake a scale back so that not more than $2.0 million is raised under the Plan. Scale back decisions are made by the Board and are final.

The Plan will not be underwritten.

The directors of the Company who are Eligible Shareholders may participate under the Plan and intend taking up their maximum entitlement.

An application form for the Plan (Application Form) is included in this package.

Current Activities

Details of the Company's current activities are set out in the announcements made by the Company to the ASX and are available from the ASX platform (ASX:DEL), or the Company's website atwww.deloreancorporation.com.au.

Use of Funds

The proceeds from the Placement and SPP will be used to add to existing cash reserves held by the Company to underpin further growth. Funds will predominantly be directed to supporting the following:

• - cash back performance bonds for engineer procure and construct contracts (EPC)

• - funding of a forward contracting strategy in relation to Large Scale Generation certificates which deliver significant locked in future earnings;

• - general working capital to support Delorean's EPC projects; and

• - continued development of the Company's own bioenergy infrastructure project pipeline.

How much can you invest?

Eligible Shareholders may each apply for a maximum of $30,000 worth of Shares and a minimum of $2,000 worth of Shares under the Plan.

How to accept this Offer

To apply for Shares under the Plan, please follow the instructions on the enclosed personalised Application Form.

Eligible Shareholders may participate by selecting only one of the following offers to purchase Shares under the Plan:

Total amount payable	Number of Shares which may be purchased
Offer A	$30,000	176,470
Offer B	$25,000	147,058
Offer C	$20,000	117,647
Offer D	$15,000	88,235
Offer E	$10,000	58,823
Offer F	$5,000	29,411
Offer G	$2,000	11,764

The number of Shares to which you are entitled will be calculated by dividing the subscription amount you have selected by the Price, rounded down.

All payments in accordance with the options set out in your Application Form (Application) must be received by the Closing Date of Friday 22 April 2022. If the exact amount of money is not tendered with your Application, the Company reserves the right to either:

• (a) return your application monies and not issue any Shares to you; or

• (b) issue to you the number of Shares that would have been issued had you applied for the highest designated amount that is less than the amount of your payment and refund the excess application money to you by cheque as soon as possible, without interest.

The Company confirms that if the amount to be refunded is less than the issue price of one Share, being $0.17, it will not be refunded and will be retained by the Company.

Once an application has been made it cannot be revoked.

Multiple Holdings

The maximum investment any Eligible Shareholder may apply for will remain $30,000 even if an Eligible Shareholder receives more than one Offer (whether in respect of a joint holding or because the Eligible Shareholder has more than one holding under a separate account). It is the responsibility of the applicant to ensure that the aggregate of the application amount paid for the Shares the subject of the Application and any other shares and interests in the class applied for by you under the Plan or any similar arrangement in the 12 months prior to the date of submission does not exceed $30,000.

Custodians and Nominees

Eligible Shareholders who hold Shares as Custodian or Nominee (Custodian) for one or more persons on the Record Date (Beneficiary) may apply for up to a maximum amount of $30,000 worth of Shares in respect of each Beneficiary who is resident in Australia or New Zealand, subject to providing a Custodian Certificate to the Company, as described in the Terms and Conditions enclosed with this letter. Please refer to the Terms and Conditions for more details.