Company: CMND
Filing Date: 2025-11-26
Form Type: 424B5
Source: 0001213900-25-115106
Chunk: 22

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-26
Form: 424B5
Chunk 22
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 above to be outstanding after this offering and, unless otherwise indicated, the other information in this prospectus, excludes as of such date:

| ● | 2,238,848                                                                                                                               
 common shares issuable upon the exercise of warrants outstanding as of such date, at exercise prices ranging from $1.0777 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 $434.63, of which 5,509 were vested as of such date; and                       |
| ● | 88,248                                                                                                                                  
 common shares issuable upon the exercise of RSUs issued to consultants under consulting agreements.                                     |

<div align='center'>S-12

DILUTION</div>

If you invest in our Common Shares in this offering, your interest will be immediately diluted to the extent of the difference between the public offering price per Common Share in this offering and the as adjusted net tangible book value per Common Share after this offering. Dilution results from the fact that the public offering price per Common Share is substantially in excess of the net tangible book value per Common Share. As of July 31, 2025, we had a historical positive net tangible book value of $1.0 million, or positive $0.18 per Common Share. Our net tangible book value per share represents total tangible assets less total liabilities, divided by the number of Common Shares outstanding on July 31, 2025.

Our pro forma net tangible book value as of July 31, 2025 was $9.0 million, representing $0.20 per Common Share. Pro forma net tangible book value per Common Share represents the amount of our total tangible assets less our total liabilities, divided by 43,991,852, the total number of Common Shares outstanding at July 31, 2025, and after giving effect to the Pro Forma Adjustments (as described in the “Capitalization” section above),

After giving effect to the additional sale of Common Shares and Pre-Funded Warrants in this offering at a public offering price of $0.12 per Common Share and $0.1199 per pre-funded warrant, and after deducting commissions and other estimated offering expenses payable by us, our pro-forma as adjusted net tangible book value at July 31,