Company: CMND
Filing Date: 2025-09-19
Form Type: F-1
Source: 0001213900-25-089545
Chunk: 23

Company: Clearmind Medicine Inc.
Filing Date: 2025-09-19
Form: F-1
Chunk 23
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'>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'>10

CAPITALIZATION</div>

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

| ● | on an actual basis; 
 and                 |

| ● | on a pro forma basis to give effect to the issuance of an aggregate                                                                        
 of 16,970,241 common shares upon the full conversion of Promissory Notes in the aggregate principial amount of $2.5 million, and including 
 the accrued interest thereon in the amount of $894,048, issued or issuable under the SPAs, assuming a conversion price of $0.20 (the Floor 
 Price).                                                                                                                                    |

You should read this information
in conjunction with our consolidated financial statements and the related notes appearing at the end of this prospectus and the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section and other financial information contained in this
prospectus.

|                                      |     | As of July 31, 2025 |         |   |     |           |         |   |
|:-------------------------------------|:----|:--------------------|--------:|:--|:----|:----------|--------:|:--|
| U.S. dollars in thousands            |     | Actual              |         |   |     | Pro Forma |         |   |
| Cash and