Company: CMND
Filing Date: 2025-06-12
Form Type: POS AM
Source: 0001213900-25-053898
Chunk: 32

Company: Clearmind Medicine Inc.
Filing Date: 2025-06-12
Form: POS AM
Chunk 32
---
), in   
 the proxy circular of the company or attach the proposal and written statement thereto.   In certain circumstances, the company      
 may refuse to process a proposal.                                                                                                    |

<div align='center'>22

DESCRIPTION OF WARRANTS</div>

January 2024 PIPE Warrants

The following is a brief
summary of the January 2024 PIPE Warrants issued in the January 2024 Private Placement and is subject in all respects to the provisions
contained in the investor warrants, in the form filed as an exhibit to our Current Report on Form 6-K dated January 16, 2024.

Exercisability. The January 2024 PIPE Warrants
are exercisable at any time after their original issuance and at any time up to the date that is five years after their original issuance.
The January 2024 PIPE Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed
exercise notice and, at any time a registration statement registering the issuance of the common shares underlying the January 2024 PIPE
Warrants under the Securities Act is effective and available for the issuance of such shares, by payment in full in immediately available
funds for the number of common shares purchased upon such exercise. We will make our best effort to maintain an effective registration
statement registering the issuance of common shares underlying the January 2024 PIPE Warrants under the Securities Act. If such a registration
statement is not effective or available the holder may, in its sole discretion, elect to exercise the January 2024 PIPE Warrants through
a cashless exercise, in which case the holder would receive upon such exercise the net number of common shares determined according to
the formula set forth in the January 2024 PIPE Warrants. No fractional shares will be issued in connection with the exercise of a January
2024 PIPE Warrants. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied
by the exercise price.

Exercise Limitation. A holder will not
have the right to exercise any portion of the January 2024 PIPE Warrants if the holder (together with its affiliates) would beneficially
own in excess of 4.99% of the number of common shares outstanding immediately after giving effect to the exercise, as such percentage
ownership is determined in accordance with the terms of the January 2024 PIPE Warrants. However, any holder may increase or decrease
such percentage to