Company: CMND
Filing Date: 2025-12-05
Form Type: F-1/A
Source: 0001213900-25-118772
Chunk: 288

Company: Clearmind Medicine Inc.
Filing Date: 2025-12-05
Form: F-1/A
Chunk 288
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 Interim Consolidated Financial Statements For the three and nine months ended July 31, 2025 and 2024 (Expressed in United States Dollars) (Unaudited)

| 5. | Derivative warrant liabilities (continued) |

| c. | On January 16, 2024, the Company issued 1,500,000 warrants with an exercise price of $1.60 per warrant in connection with its January 2024 Public Offering (“January 2024 Warrants”). The January 2024 Warrants include a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the January 2024 Warrants, as well as repricing adjustments for stock splits, reclassifications, subdivisions, and other similar transactions (“January 2024 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability at the time of the grant and are revalued at the end of each reporting period.   On December 27, 2024, 205,000 January 2024 Warrants were exercised into 205,000 common shares, resulting in gross proceeds of $328,000. |
| d. | During the three and nine months ended July 31, 2025, the Company recorded a gain on the revaluation of the total derivative warrant liabilities of $139,563 and $1,319,081, respectively, in the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

| e. | The binomial model was used to measure the derivative warrant liability with the following assumptions: |

|                         |     |          July 31, 
              2025 |
|:------------------------|:----|------------------:|
| Share Price             |     |             $1.00 |
| Exercise Price          |     |    $1.077 – $1.60 |
| Expected life           |     | 2.68 – 3.46 years |
| Risk-free interest rate |     |      3.91 – 3.94% |
| Dividend yield          |     |             0.00% |
| Expected volatility     |     |  133.00 – 133.80% |

| f. | The following table presents the changes in the derivative warrant liability during the period: |

| Balance as of October 31, 2023    |     | $ |  4,310,379 |