Company: CMND
Filing Date: 2025-09-19
Form Type: F-1
Source: 0001213900-25-089545
Chunk: 3

Company: Clearmind Medicine Inc.
Filing Date: 2025-09-19
Form: F-1
Chunk 3
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 least 150% of the amount of our common
shares then outstanding, then we may request, at its sole discretion, that the CLA Investors purchase additional Promissory Notes for
a purchase price payable in cash equal to 90% of the principal amount, provided however that the aggregate principal amount of Promissory
Notes purchased pursuant to the SPAs shall not exceed $7,500,000 during the period commencing as of the Second Initial Closing and until
the date that is three months after the Second Initial Closing, and thereafter shall not exceed $2,500,000 during each subsequent three-month
period, and provided further that the aggregate principal amount of all Promissory Notes purchased pursuant to the SPAs shall not exceed
the Subscription Amount. Any additional Promissory Notes will be issued on the same terms.

We intend to use the net proceeds
from the sale of the Promissory Notes for general corporate purposes, which may include operating expenses, research and development,
including clinical and pre-clinical testing of our product candidates, working capital, future acquisitions and general capital expenditures.
The common shares underlying the Promissory Notes are referred to herein as the Note Shares.

The
selling shareholders are identified in the table commencing on page 12. No common shares are being registered hereunder for sale by
us. We may receive up to an additional of $6.75 million aggregate gross proceeds under the SPAs from sales of additional Promissory Notes
that we elect to make to the CLA Investors pursuant to the SPAs, from time to time in our sole discretion. We will not receive any proceeds
from the sale of the Note Shares by the CLA Investors. See “Use of Proceeds” on page 10 of this prospectus for additional
information. Pursuant to the terms of the Promissory Note, the conversion rate of each Note Share is the lower of (i) $1.01, or the Fixed
Price, or (ii) 12% of the lowest daily volume weighted average price, or VWAP, during the 20 consecutive trading days immediately preceding
the applicable date of conversion, or the Variable Price; provided that the Variable Price may not be lower than the floor price of $0.20,
which is equal to 20% of the VWAP of the common shares during the 20 consecutive trading days immediately prior to the First Initial
Closing, or the Floor Price, subject to certain adjustments as provided in the Promissory Note.