Company: CMND
Filing Date: 2025-03-13
Form Type: POS AM
Source: 0001213900-25-023708
Chunk: 20

Company: Clearmind Medicine Inc.
Filing Date: 2025-03-13
Form: POS AM
Chunk 20
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 Canadian
withholding taxes. See “Item 10. – Additional Information – E. “Taxation — Material Canadian Federal Income
Tax Considerations” in our 2024 Annual Report incorporated by reference herein for additional information.

<div align='center'>8

CAPITALIZATION</div>

The following table sets forth our cash and
our capitalization as of January 31, 2025:

You should read this information in conjunction
with our consolidated financial statements and the related notes appearing at the end of this prospectus and the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section and other financial information contained in
this prospectus.

|                                      |     | As of       
 January 31, 
 2025        |         |   |
|:-------------------------------------|:----|:------------|--------:|:--|
| U.S. dollars in thousands            |     |             |         |   |
| Cash                                 |     | $           |   5,781 |   |
| Warrant liability                    |     |             |  (2,983 | ) |
| Shareholders’ equity:                |     |             |         |   |
| Share capital                        |     |             |  24,759 |   |
| Warrant reserve                      |     |             |     459 |   |
| Share-based payment reserve          |     |             |   2,751 |   |
| Accumulated other comprehensive loss |     |             |     (21 | ) |
| Deficit                              |     |             | (25,094 | ) |
| Total shareholders’ equity           |     |             |   2,854 |   |
| Total capitalization                 |     |             |   2,854 |   |

Unless otherwise indicated, the number of common
shares outstanding prior to and after this offering is based on 4,693,623 Common Shares outstanding as of January 31, 2025. The
number of Common Shares referred to above to be outstanding after this offering and, unless otherwise indicated, the other information
in this prospectus, excludes as of such date:

| ● | 2,238,848 common shares issuable upon the exercise                                                                                 
 of warrants outstanding as of such date, at exercise prices ranging from $1.0777 to $243.75, all of which were vested as of such   
 date;                                                                                                                              |
| ● | 5,521 common shares issuable upon the exercise of