Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 265

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 265
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  Risk-free interest rate                              4.22                           4.10             
  Expected life (in years)                             4.61                           5.61             
  Expected volatility                                  125.77 - 133.62                140.41 - 160.81  

Expected volatility was determined by calculating the historical volatility
of the comparison companies’ share price over the previous8.6years. The expected life used in the model has been adjusted, based
on management’s best estimate, for the effects of no transferability, exercise restrictions, and behavioral considerations.

  The portion of the total fair value of stock options expensed during the year ended October 31, 2024, was $ 79,005 (2023 - $ 221,625) which was recorded as share-based compensation expense.  
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F-30

CLEARMIND
MEDICINE INC.

Notes to
the Consolidated Financial Statements

(Expressed
in United States Dollars)

  11.      Restricted   

  On August 4, 2021, the Company approved an RSU plan,                                                                                 
  which is designed to provide certain directors, officers, employees, and consultants of the Company with the opportunity to acquire  
  RSU’s of the Company. Each unit is equivalent in value to a common share and upon vesting results in the holder thereof being        
  issued, at the discretion of the Board, either (i) a common share, or (ii) an amount of cash equal to the fair market value of a     
  common share.                                                                                                                        
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  The following table summarizes the changes in RSUs:  
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                                                Weighted                          Weighted                        
                                                average                           average                         
                                                issue price (C$)                  issue price (USD$)              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance, October 31, 2022          1,407      $                     375.54      $                       273.42  
  Granted                            2,200                             55.97                               41.63  
  Exercised                        ( 1,391                            246.