Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 209

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 10
Chunk 209
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Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships, or (d) any combination
of the persons and partnerships described in (a) through (c), owned 25% or more of the issued shares of any class or series of our shares,
and (ii) more than 50% of the fair market value of the Common Shares was derived directly or indirectly from one or any combination of:
real or immovable property situated in Canada, “ Canadian resource properties”, “timber resource properties” (each
as defined in the Tax Act), and options in respect of, or interests in or for civil law rights in, such properties, whether or not the
property exits. Notwithstanding the foregoing, the shares may also be deemed to be taxable Canadian property to a Non-Resident Holder
under other provisions of the Tax Act.

Non-Resident Holders who may hold Common Shares
as taxable Canadian property should consult their own tax advisors.

CERTAIN MATERIAL U. S. FEDERAL INCOME TAX CONSIDERATIONS

THE FOLLOWING SUMMARY IS NOT INTENDED TO BE, AND
SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U. S. HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE U. S. FEDERAL
INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND SALE OF COMMON SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN
OR OTHER TAX LAWS AND POSSIBLE CHANGES IN THE TAX LAWS.

The following discussion summarizes certain material
U. S. federal income tax consequences to a “ U. S. Holder” arising from the purchase, ownership and sale of the Common Shares.
For this purpose, a “ U. S. Holder” is a holder of Common Shares that is, for U. S. federal income tax purposes: (1) an individual
citizen or resident of the United States; (2) a corporation (or entity treated as a corporation for U. S. federal income tax purposes)
created or organized under the laws of the United States or the District of Columbia or any political subdivision thereof; (3) an estate,
the income of which is includable in gross income for U. S. federal income tax purposes regardless of its source; or (4) a trust if (A)
a court within the United States is able to exercise primary supervision over the