Company: CMND
Filing Date: 2025-09-15
Form Type: POS AM
Source: 0001213900-25-087398
Chunk: 24

Company: Clearmind Medicine Inc.
Filing Date: 2025-09-15
Form: POS AM
Chunk 24
---
 be deemed to be the beneficial owner of these shares. Martin Hoe and Ryan Lane, in their capacity    
 as investment managers of Empery Asset Management LP, may also be deemed to have investment discretion and voting power over the           
 shares held by ETE III. ETE III, Mr. Hoe and Mr. Lane each disclaim any beneficial ownership of these shares.                              |
| (36) | Consists of 23,243 common                                                                                                                  
 shares issuable upon the exercise of the January 2024 PIPE Warrants.                                                                       |
| (37) | Consists of 23,243 common                                                                                                                  
 shares issuable upon the exercise of the January 2024 PIPE Warrants.                                                                       |

| (38) | Hudson Bay Capital Management                                                                                                              
 LP, the investment manager of Hudson Bay Master Fund Ltd., has voting and investment power over these securities. Sander Gerber is         
 the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP. Each of Hudson         
 Bay Master Fund Ltd. and Sander Gerber disclaims beneficial ownership over these securities. The address of Hudson Bay Capital Management  
 L.P. is 290 Harbor Dr., 3rd Floor, Stamford, CT 06902. The warrants held by this selling shareholder are subject to a                      
 beneficial ownership limitation of 4.99%, which does not permit the selling shareholder to exercise that portion of the warrants           
 that would result in the selling shareholder and its affiliates owning, after exercise, a number of common shares in excess of the         
 beneficial ownership limitation. The amounts and percentages in the table do not give effect to the 4.99% beneficial ownership limitation. |
| (39) | Consists of 125,000                                                                                                                        
 common shares issuable upon the exercise of the January 2024 PIPE Warrants.                                                                |
| (40) | Consists                                                                                                                                   
 of 125,000 common shares issuable upon the exercise of the January 2024 PIPE Warrants.                                                     |

<div align='center'>13

DESCRIPTION OF SHARE CAPITAL</div>

General

The following is a summary of the material terms
of our share capital, as set forth in our articles of association, as the same will be effective at the time of the consummation of this
offering, and certain related sections of the Business Corporations Act (British Columbia), or the BCBCA. The following summary is subject
to, and is qualified in its entirety by reference to, the provisions of