Company: CMND
Filing Date: 2025-11-26
Form Type: F-1
Source: 0001213900-25-115501
Chunk: 14

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-26
Form: F-1
Chunk 14
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 pursuant to the SPAs shall not exceed
the Subscription Amount. Any additional Promissory Notes will be issued on the same terms.

The outstanding principal
amount and accrued interest under the Promissory Notes are to be repaid in ten equal monthly installments beginning on the eighteenth
month anniversary of the issuance date thereof, unless repaid earlier (partially or in full) at our option or if extended at the option
of the CLA Investors. The principal amount under the Promissory Notes bears an annual interest rate of 4% (which will increase to 14%
upon an event of default, as defined in the Promissory Note).

The outstanding amount of
the principal and any accrued interest due under the Promissory Notes is convertible (partially or in full) into common shares, at the
option of the CLA Investors at any time after the issuance date, at a conversion price equal to the lower of (i) $1.01 or (ii) 88% 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. The CLA Investors’ options to convert the outstanding
amount due is subject to the limitation that the conversion may not result in each of the CLA Investors’ beneficial ownership exceeding
4.99% of our outstanding common shares.

As of the date hereof, the total Promissory Notes
in the aggregate principal amount of $2.5 million and accrued interest, due under the Promissory Notes were converted into 5,171,460 Common
Shares.

January 2024 Offering

On January 11, 2024, we sold to several institutional
investors an aggregate of 1,468,000 Common Shares in a registered direct offering at a purchase price of $1.60 per share, and pre-funded
warrants to purchase up to 32,000 Common Shares at a purchase price of $1.5999, resulting in gross proceeds of approximately $2.4 million.
In addition, we issued to the investors the January 2024 PIPE Warrants, which