Company: CMND
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001213900-25-112329
Chunk: 25

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-19
Form: 424B5
Chunk 25
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 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 $8.26 million, representing $0.25 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 33,106,024, 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 in this offering at a public offering price of $0.20 per Common Share, and after deducting commissions
and other estimated offering expenses payable by us, our pro-forma as adjusted net tangible book value at July 31, 2025 would have been
$0.25 per share. This represents an immediate increase in as adjusted net tangible book value of $0.07 per share to existing shareholders
and immediate dilution of $0.05 per Common Share to new investors.

The following table illustrates this dilution per
Common Share in this offering:

| Public offering price per Common Share                                                       
 Pro forma net positive tangible book value per Common Share as of July 31, 2025              |     |     |  0.20 
  0.18 |   |
|:---------------------------------------------------------------------------------------------|:----|:----|------:|:--|
| Increase in pro forma net tangible book value per Common Share attributable to new investors |     |     |  0.07 |   |
| Pro forma as adjusted net tangible book value