Company: CMND
Filing Date: 2025-09-19
Form Type: F-1
Source: 0001213900-25-089545
Chunk: 26

Company: Clearmind Medicine Inc.
Filing Date: 2025-09-19
Form: F-1
Chunk 26
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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
due under the Promissory Note 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) the Fixed Price or (ii) the Variable Price, provided that the
Variable Price may not be lower than the Floor Price. Any additional Promissory Notes will be issued on the same terms.

We are registering the common
shares in order to permit the selling shareholders to offer the common shares for resale from time to time, including the Note Shares
in order to allow the CLA Investors to offer the maximum number of common shares issuable pursuant to Promissory Notes in the aggregate
principal amount of $2.5 million. Except for the ownership of common shares and the information set forth in the footnotes below, the
selling shareholders have not had any material relationship with us within the past three years.

The table below lists the
selling shareholders and other information regarding the beneficial ownership of the common shares by each of the selling shareholders.
The second column lists the number of common shares beneficially owned by each selling shareholder, based on its ownership of the common
shares, as of September 18, 2025. The third column lists the common shares being offered by this prospectus by the selling shareholders. The
fourth column assumes the sale of all of the common shares offered by the selling shareholders pursuant to this prospectus.

Under the terms of the SPAs
and the Promissory Notes, the CLA Investors may not convert the Promissory Notes into common shares, to the extent such conversion, as
applicable, would cause the CLA Investors, together with its affiliates, to beneficially own a number of common shares which would exceed
4.99% of our then outstanding common shares following such conversion, excluding for purposes of such determination, common shares issuable
upon conversion of the Promissory Notes which have not been converted. The number of common shares in the second column and third column
does not reflect this limitation. The selling shareholders may sell all, some or none of their common shares in this offering. See