Company: CMND
Filing Date: 2025-06-12
Form Type: POS AM
Source: 0001213900-25-053898
Chunk: 20

Company: Clearmind Medicine Inc.
Filing Date: 2025-06-12
Form: POS AM
Chunk 20
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 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'>8

CAPITALIZATION</div>

The following table sets forth our cash and
our capitalization as of April 30, 2025:

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     
 April 30, 
 2025      |         |   |
|:-------------------------------------|:----|:----------|--------:|:--|
| U.S. dollars in thousands            |     |           |         |   |
| Cash                                 |     | $         |   4,473 |   |
| Warrant liability                    |     |           |  (2,813 | ) |
| Shareholders’ equity:                |     |           |         |   |
| Share capital                        |     |           |  25,338 |   |
| Warrant reserve                      |     |           |     459 |   |
| Share-based payment reserve          |     |           |   2,403 |   |
| Accumulated other comprehensive loss |     |           |     (21 | ) |
| Deficit                              |     |           | (25,878 | ) |
| Total shareholders’ equity           |     |           |   2,301 |   |
| Total capitalization                 |     |           |   2,301 |   |

Unless otherwise indicated, the number of common
shares outstanding prior to and after this offering is based on 5