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

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-26
Form: F-1
Chunk 26
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 intend. Pending any ultimate use of any portion of the proceeds from this offering, if the
anticipated proceeds will not be sufficient to fund all the proposed purposes, our management will determine the order of priority for
using the proceeds, as well as the amount and sources of other funds needed.

Pending our application of the net proceeds from
this offering, we plan to invest such proceeds in short-term, investment-grade, interest-bearing securities and depositary institutions.

<div align='center'>DIVIDEND POLICY</div>

We have never declared or paid any cash dividends
to our shareholders of our Common Shares, and we do not anticipate or intend to pay cash dividends in the foreseeable future. Payment
of cash dividends, if any, in the future will be at the discretion of our board of directors, or our Board, in compliance with applicable
legal requirements and will depend on a number of factors, including future earnings, our financial condition, operating results, contractual
restrictions, capital requirements, business prospects, our strategic goals and plans to expand our business, applicable law and other
factors that our Board may deem relevant.

The Business Corporations Act (British Columbia),
as amended, or the BCBCA, imposes further restrictions on our ability to declare and pay dividends. See “Description of Share Capital—Dividends”
for additional information.

Payment of dividends may be subject to 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'>12

CAPITALIZATION</div>

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

| ● | on an actual basis; and |

| ● | on pro forma basis, giving effect to the issuance of (i) Promissory Notes from September 2025 in the aggregate principal amount of $2.5 million, of which an aggregate of $2.5 million of outstanding amounts due under the Promissory Notes were converted into 5,171,460 Common Shares at conversion prices between $0.251 and $0.818 during October 2025 and November 2025, (ii) the issuance and sale of 3,942,365 Common Shares and/or pre-funded warrants in the First November 2025 Offering at a public offering price of $0.20 per Common Share and $0.1999 per