Company: CMND
Filing Date: 2025-11-26
Form Type: F-1
Source: 0001213900-25-115501
Chunk: 28

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-26
Form: F-1
Chunk 28
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     |       |     459 |   |
| Share-based payment reserve          |     |                 |   2,250 |   |     |       |   2,250 |   |
| Accumulated other comprehensive loss |     |                 |     (21 | ) |     |       |     (21 | ) |
| Accumulated deficit                  |     |                 | (27,192 | ) |     |       | (27,692 | ) |
| Total shareholders’ equity           |     |                 |   1,066 |   |     |       |   8,356 |   |
| Total capitalization                 |     |                 |   1,066 |   |     |       |   8,356 |   |

Unless otherwise indicated, the number of common
shares outstanding prior to and after this offering is based on 33,181,024 Common Shares outstanding as of the date of this prospectus.
The number of Common Shares referred to above to be outstanding after this offering and, unless otherwise indicated, the other information
in this prospectus, excludes as of such date:

| ● | 11,927,606 common shares issuable upon the exercise of warrants outstanding as of such date, at exercise prices ranging from $0.20 to $243.75, all of which were vested as of such date;                                                                        |
| ● | 5,521 common shares issuable upon the exercise of options to directors, employees and consultants under our incentive option plan outstanding as of such date, at a weighted average exercise price of $429.24, of which 5,513 were vested as of such date; and |
| ● | 1,251 common shares issuable upon the exercise of restricted share units issued to consultants under consulting agreements.                                                                                                                                     |

<div align='center'>13

SELLING SHAREHOLDERS</div>

The common shares being offered by the selling
shareholders are those previously issued to the selling shareholders, and those issuable to the selling shareholders, upon exercise of
the Additional Warrant Shares underlying the January 2024 PIPE Warrants. For additional information regarding the issuances of the January
2024 PIPE Warrants, see “Prospectus Summary – January 2024 Offering” above. We are registering the common shares underlying
the Additional Warrant Shares of the January 2024 PIPE Warrants in order to permit the selling shareholders to offer the common shares
for resale from time to time. Except for the ownership of