Company: CMND
Filing Date: 2025-12-03
Form Type: 424B5
Source: 0001213900-25-117534
Chunk: 22

Company: Clearmind Medicine Inc.
Filing Date: 2025-12-03
Form: 424B5
Chunk 22
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 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-11

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 $10.55
million, representing $0.18 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 59,991,852, 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 in this
offering at a public offering price of $0.10 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 $0.18 per share. This represents an immediate
increase in as adjusted net tangible book value of $0.00 per share to existing shareholders and immediate dilution of $0.08 per Common
Share to new investors.

The following table illustrates this dilution per Common