Company: CMND
Filing Date: 2025-09-19
Form Type: F-1
Source: 0001213900-25-089545
Chunk: 25

Company: Clearmind Medicine Inc.
Filing Date: 2025-09-19
Form: F-1
Chunk 25
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 vested as of such date; and |
| ● | 88,248 common shares issuable upon the exercise of RSUs issued to consultants                                                                                                                                                                                   
 under consulting agreements.                                                                                                                                                                                                                                    |

<div align='center'>11

SELLING SHAREHOLDERS</div>

The 17,016,694 common shares
being offered by the selling shareholders pursuant to this prospectus consists of (i) 16,970,241 common shares being offered by the CLA
Investors who are named as selling shareholders in the registration statement to which this prospectus relates, such number determined
as if Promissory Notes in the aggregate principal amount of $2.5 million were issued under the SPA and were converted into Note Shares
in full, without regard to any limitations on the issuance of Promissory Notes or on the conversion of the Promissory Notes, and (ii)
46,453 common shares that were issued to certain selling shareholders as equity award grants outside of the Plan.

On September 17, 2025, we
entered into the SPAs with the CLA Investors. Pursuant to the SPAs, we shall issue and sell to the CLA Investors, from time to time as
provided therein Promissory Notes, in the aggregate principal amount of $2.5 million, for an aggregate purchase price of $2.25 million
(90% of the Subscription Amount). On the First Initial Closing, the CLA Investors purchased the First Initial Promissory Notes. Subject
to the conditions in the SPAs, on the date on which the registration statement pursuant to which this prospectus relates is declared effective
by the SEC, we shall issue and sell to the CLA Investors purchase the Second Initial Promissory Notes, in the aggregate principal amount
of $1.94 million, for a purchase price of $1.75 million. Commencing on the date that is three months after the Second Initial Closing,
we may request, at our sole discretion, that the CLA Investors purchase additional Promissory Notes in the aggregate principal amount
of $2.5 million for a purchase price of $2.25 million during each subsequent three month period such that the aggregate principal amount
of such additional Promissory Notes is $7.5 million for a purchase price of $6.75 million. The Promissory Notes are to be repaid in ten
equal monthly payments, commencing on the eighteenth month anniversary of the issuance date thereof, unless repaid earlier (partially