Company: CMND
Filing Date: 2025-01-22
Form Type: POS AM
Source: 0001213900-25-005519
Chunk: 22

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: POS AM
Chunk 22
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 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. |
| (41) | Consists of 125,000                                                                                                                        
 common shares issuable upon the exercise of the January 2024 PIPE Warrants.                                                                |
| (42) | Consists                                                                                                                                   
 of 125,000 common shares issuable upon the exercise of the January 2024 PIPE Warrants.                                                     |

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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 our articles of association and the applicable provisions of
the BCBCA.

On September 30, 2022, our shareholders approved
a one-for-30 reverse split of our issued and outstanding common shares. In addition, on November 28, 2023, we effected a one-for-30 consolidation
of our issued and outstanding common shares. Except where otherwise indicated, all share and per share data in this prospectus have been
retroactively restated to reflect the aforementioned consolidations.

Authorized Share Capital

As of January 21, 2025, we had 4,693,623
common shares issued and outstanding and our authorized share capital consists of an unlimited number of common shares, no par value.

In the last three years, we have issued an
aggregate of 1,961,194 common shares for aggregate net proceeds of $19.6 million net of share issuance costs in several public offerings
and private placements. In addition, during the same period, 1,999,687 warrants were exercised for gross proceeds of $5.2 million.

In addition to common shares, in the last three
years, we have granted (i) share options to employees, directors, consultants and service providers under our Executive Stock Option
and Restricted Share Unit Plans exercisable into an aggregate of 595,182 common shares, with exercise prices ranging from $23