Exhibit 4.1


 


THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF,
AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE
WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY
DAYS FOLLOWING [●], 2022 (THE “EFFECTIVE DATE”) TO ANYONE OTHER THAN (I) AEGIS CAPITAL CORP. OR A
SELECTED DEALER IN CONNECTION WITH THE OFFERING FOR WHICH THIS PURCHASE WARRANT WAS ISSUED TO THE UNDERWRITER AS CONSIDERATION (THE “OFFERING”),
OR (II) A BONA FIDE OFFICER OR PARTNER OF AEGIS CAPITAL CORP.


 


THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [●], 2023 VOID
AFTER 5:00 P.M., EASTERN TIME, [●], 2027.


 


Common
Share Purchase Warrant


 


For the
Purchase of [●] Common Shares


 


of


 


Clearmind
Medicine inc.


 


1. Purchase Warrant. THIS CERTIFIES THAT, in consideration
of funds duly paid by or on behalf of Aegis Capital Corp. (“Holder”), as registered owner of this Purchase Warrant,
to Clearmind Medicine Inc., a British Columbia corporation (the “Company”), Holder is entitled, at any
time or from time to time beginning [●], 2023 (the “Commencement Date”), and at or before 5:00 p.m.,
Eastern time, on [●], 2027, the date which is no more than five years from the commencement of sales (the “Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●] common shares of the Company, no par
value per share (the “Common Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration
Date is not a Business Day, then this Purchase Warrant may be exercised on the next succeeding Business Day. During the period ending
on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is
initially exercisable at $[●] per Common Share; provided, however, that upon the occurrence of any
of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Common Share
and the number of Common Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context, and the term
“Business Day” shall mean a day other than a Saturday, Sunday or any other day which is a federal legal holiday
in the United States or any day on which the Federal Reserve Bank of New York is authorized or required by law or other governmental action
to close, provided that the Federal Reserve Bank of New York shall not be deemed to be authorized or obligated to be closed due to a “shelter
in place,” “non-essential employee” or similar closure of physical location at the direction of any governmental authority
if the bank’s electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.


 


2. Exercise.


 


2.1 Exercise Form. In order to exercise
this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with
this Purchase Warrant and, subject to Section 2.2, payment of the Exercise Price for the Common Shares being purchased payable in cash
by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check.
If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this
Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. Each
exercise hereof shall be irrevocable.


 






     


     


    

 


2.2 Cashless Exercise. The Company
shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus and to maintain the registration
of the Common Shares and of the Warrants under the Exchange Act. If at any time on or after the Initial Exercise Date, there is no effective
registration statement registering, or the prospectus contained therein is not available for the issuance of the Purchase Warrant to the
Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive the number of Purchase Warrants equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:


 


		(A)	=
as applicable: (i) the volume-weighted average price, or “VWAP,” defined below, on the Trading Day immediately preceding
the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a)
hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2.1 hereof on a Trading Day prior to
the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities
laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of
the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg
L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during
“regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours
after the close of “regular trading hours” on a Trading Day) pursuant to Section 2.1 hereof or (iii) the VWAP on the date
of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed
and delivered pursuant to Section 2.1 hereof after the close of “regular trading hours” on such Trading Day;


 


		(B)	=
the Exercise Price of this Warrant, as adjusted hereunder; and


 


		(X)	=
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.


 


If Purchase Warrants are issued in such a “cashless
exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall
take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be
tacked on to the holding period of the Purchase Warrants. The Company agrees not to take any position contrary to this Section 2.2.


 


For purposes of this Section 2.2, the fair market
value of a Common Share is defined as follows:


 


“VWAP” means, for any date, the price determined
by the first of the following clauses that applies: (a) if the Common Shares then listed or quoted on a Trading Market, the daily volume
weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares
are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New
York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of a share of Common Shares for such
date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if Common Shares are not then listed or quoted for trading
on the OTCQB or OTCQX and if prices for Common Shares are then reported on the OTC Pink Open Market (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the
fair market value of the Common Shares as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.  


 






    2


     


    

 


2.3 Legend.


 


2.3.1 Securities Act of 1933 Legend. Each
certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered
under the Securities Act of 1933, as amended (the “Act”):


 


The securities represented by this certificate have not
been registered under the Securities Act of 1933, as amended (the “Act”), or applicable state law. Neither the securities
nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement
under the Act, or pursuant to an exemption from registration under the Act and applicable state law which, in the opinion of counsel to
Clearmind Medicine Inc., is available.


 


2.3.2 Canadian Law Legend. Each certificate
for the securities purchased under this Purchase Warrant shall bear a legend as follows:


 


WITHOUT PRIOR WRITTEN APPROVAL OF THE CANADIAN SECURITIES
EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE CANADIAN SECURITIES EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR
THE BENEFIT OF A CANADIAN RESIDENT UNTIL [●]1.


 


2.4 Resale of Shares.
Holder and the Company acknowledge that as of the date hereof the Staff of the Division of Corporation Finance of the SEC has published
Compliance & Disclosure Interpretation 528.04 in the Securities Act Rules section thereof, stating that the holder of securities
issued in connection with a public offering may not rely upon Rule 144 promulgated under the Act to establish an exemption from registration
requirements under Section 4(a)(1) under the Act, but may nonetheless apply Rule 144 constructively for the resale of such shares in
the following manner: (a) provided that six months has elapsed since the last sale under the registration statement, an underwriter or
finder may resell the securities in accordance with the provisions of Rule 144(c), (e), and (f), except for the notice requirement; (b)
a purchaser of the shares from an underwriter receives restricted securities unless the sale is made with an appropriate, current prospectus,
or unless the sale is made pursuant to the conditions contained in (a) above; (c) a purchaser of the shares from an underwriter who receives
restricted securities may include the underwriter’s holding period, provided that the underwriter or finder is not an affiliate
of the issuer; and (d) if an underwriter transfers the shares to its employees, the employees may tack the firm’s holding period
for purposes of Rule 144(d), but they must aggregate sales of the distributed shares with those of other employees, as well as those
of the underwriter or finder, for a six-month period from the date of the transfer to the employees. Holder and the Company also acknowledge
that the Staff of the Division of Corporation Finance of the SEC has advised in various no-action letters that the holding period associated
with securities issued without registration to a service provider commences upon the completion of the services, which the Company agrees
and acknowledges shall be the final closing of the Offering, and that Rule 144(d)(3)(ii) provides that securities acquired from the issuer
solely in exchange for other securities of the same issuer shall be deemed to have been acquired at the same time as the securities surrendered
for conversion (which the Company agrees is the date of the initial issuance of this Purchase Warrant). In the event that following a
reasonably-timed written request by Holder to transfer the Common Shares in accordance with Compliance & Disclosure Interpretation
528.04 counsel for the Company in good faith concludes that Compliance & Disclosure Interpretation 528.04 no longer may be relied
upon as a result of changes in applicable laws, regulations, or interpretations of the SEC Division of Corporation Finance, or as a result
of judicial interpretations not known by the Company or its counsel on the date hereof (either, a “Registration Trigger
Event”), then the Company shall promptly, and in any event within five (5) Business Days following the request, provide
written notice to Holder of such determination. As a condition to giving such notice, the parties shall negotiate in good faith a single
demand registration right pursuant to an agreement in customary form reasonably acceptable to the parties; provided that notwithstanding
anything to the contrary, the obligations of the Company pursuant to this Section 2 shall terminate on the fifth anniversary of the commencement
of sales of the public offering. In the absence of such conclusion by counsel for the Company, the Company shall, upon such a request
of Holder given no earlier than six months after the final closing of the Offering, instruct its transfer agent to permit the transfer
of such shares in accordance with Compliance & Disclosure Interpretation 528.04, provided that Holder has provided such documentation
as shall be reasonably be requested by the Company to establish compliance with the conditions of Compliance & Disclosure Interpretation
528.04. Notwithstanding anything to the contrary, pursuant to FINRA Rule 5110(g)(8)(B) and (C), the Holder shall not be entitled to more
than one demand registration right hereunder and the duration of the registration rights hereunder shall not exceed five years from the
commencement of sales of the public offering.


 


 


 






		1	Insert Date that is 4 months and one day after issuance.



 






    3


     


    

  


3. Transfer.


  


3.1 General Restrictions. The registered Holder of this
Purchase Warrant agrees by such Holder’s acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate
this Purchase Warrant for a period of one hundred eighty (180) days following the Effective Date to anyone other than: (i) Holder or an
underwriter, placement agent, or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Holder or
of any such underwriter, placement agent or selected dealer, in each case in accordance with FINRA Rule 5110(e)(1), or (b) for a period
of one hundred eighty (180) days following the Effective Date cause this Purchase Warrant or the securities issuable hereunder to be the
subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this
Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). After 180 days after the Effective Date,
transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted
assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the
Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business
Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants
of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Common Shares purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment.


  


3.2 Restrictions Imposed by the Act.
The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) if required by applicable law, the Company
has received the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from registration
under the Act and applicable state securities laws, or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the U.S. Securities
and Exchange Commission (the “Commission”) and compliance with applicable state securities law has been
established.


 


4. Piggyback Registration Rights.


 


4.1 Grant of Right. In the event that
there is not an effective registration statement covering the Purchase Warrant or the underlying Common Shares, whenever the Company proposes
to register any of its common shares under the Act (other than (i) a registration effected solely to implement an employee benefit plan
or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration statement on Form S-4, S-8 or any successor form thereto
or another form not available for registering the Common Shares issuable upon exercise of this Purchase Warrant for sale to the public,
whether for its own account or for the account of one or more stockholders of the Company (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event no later than ten (10) Business Days prior to the filing of such registration
statement) to the Holder of the Company’s intention to effect such a registration and, subject to the remaining provisions of this
Section 4.1, shall include in such registration such number of Common Shares underlying this Purchase Warrant (the “Registrable
Securities”) that the Holders have (within ten (10) Business Days of the respective Holder’s receipt of such notice)
requested in writing (including such number) to be included within such registration. If a Piggyback Registration is an underwritten offering
and the managing underwriter advises the Company that it has determined in good faith that marketing factors require a limit on the number
of common shares to be included in such registration, including all Common Shares issuable upon exercise of this Purchase Warrant (if
the Holder has elected to include such shares in such Piggyback Registration) and all other common shares proposed to be included in such
underwritten offering, the Company shall include in such registration (i) first, the number of common shares that the Company proposes
to issue and sell pursuant to such underwritten offering and (ii) second, the number of common shares, if any, requested to be included
therein by selling stockholders (including the Holder) allocated pro rata among all such persons on the basis of the number of common
shares then owned by each such person. If any Piggyback Registration is initiated as a primary underwritten offering on behalf of the
Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection
with such offering. Notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 4.1 shall terminate
on the earlier of (i) the fifth anniversary of the Effective Date and (ii) the date that Rule 144 would allow the Holder to sell its Registrable
Securities during any ninety (90) day period, and shall not be applicable so long as the Company’s Registration Statement on Form
F-1 (No. 333-265900 covering the Registrable Securities remains effective at such time. The duration of the piggyback registration right
shall not exceed seven years from the commencement of sales of the public offering.


 






    4


     


    

 


4.2 Indemnification. The Company shall
indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if
any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a) of the Securities Exchange Act of 1934, as
amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other out-of-pocket expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which
any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the
same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify Holder contained in the Underwriting
Agreement between Holder and the Company, dated as of [●], 2022. The Holder(s) of the Registrable Securities to be sold pursuant
to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all
loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such
registration statement to the same extent and with the same effect as the provisions contained in the Underwriting Agreement pursuant
to which Holder has agreed to indemnify the Company.


 


4.3 Exercise of Purchase Warrants.
Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase Warrants prior to
or after the initial filing of any registration statement or the effectiveness thereof.


 


4.4 Documents Delivered to Holders.
The Company shall deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described
below, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions
with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation,
upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and
at such reasonable times, during normal business hours, as any such Holder shall reasonably request.


 


4.5 Underwriting Agreement. The Holders
shall be parties to any underwriting agreement relating to a Piggyback Registration. Such Holders shall not be required to make any representations
or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their Common Shares and
the amount and nature of their ownership thereof and their intended methods of distribution.


 


4.6 Documents to be Delivered by Holder(s).
Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire
provided by the Company requesting information customarily sought of selling security holders.


  


4.7 Damages. Should the Company fail
to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled
to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions or the
continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.


 






    5


     


    

 


5. New Purchase Warrants to be Issued.


 


5.1 Partial Exercise or Transfer. Subject
to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise
or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise
or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the
Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the
name of the Holder evidencing the right of the Holder to purchase the number of Common Shares purchasable hereunder as to which this Purchase
Warrant has not been exercised or assigned.


 


5.2 Lost Certificate. Upon receipt
by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably
satisfactory indemnification or the posting of a bond, determined in the sole discretion of the Company, the Company shall execute and
deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss,
theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.


 


6. Adjustments.


 


6.1 Adjustments to Exercise Price and Number
of Securities. The Exercise Price and the number of Common Shares underlying the Purchase Warrant shall be subject to adjustment from
time to time as hereinafter set forth:


 


6.1.1 Share Dividends; Split Ups. If,
after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Common Shares is increased by a stock
dividend payable in Common Shares or by a split up of Common Shares or other similar event, then, on the effective day thereof, the number
of Common Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Common Shares, and the Exercise
Price shall be proportionately decreased.


 


6.1.2 Aggregation of Common Shares. If, after the date
hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Common Shares is decreased by a consolidation, combination
or reclassification of Common Shares or other similar event, then, on the effective date thereof, the number of Common Shares purchasable
hereunder shall be decreased in proportion to such decrease in outstanding Common Shares, and the Exercise Price shall be proportionately
increased.


 


6.1.3 Replacement of Securities upon Reorganization,
Etc. In case of any reclassification or reorganization of the outstanding Common Shares other than a change covered by Section
6.1.1 or 6.1.2 hereof or that solely affects the par value of such Common Shares, or in the case of any share reconstruction or amalgamation
or consolidation or merger of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation
or merger in which the Company is the continuing company and that does not result in any reclassification or reorganization of the outstanding
Common Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the
right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the
same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares or other securities or
property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation,
or upon a dissolution following any such sale or transfer, by a Holder of the number of Common Shares of the Company obtainable upon exercise
of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Common Shares covered
by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations,
or consolidations, sales or other transfers.


  


6.1.4 Changes in Form of Purchase Warrant. This
form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such
change may state the same Exercise Price and the same number of Common Shares as are stated in the Purchase Warrants initially issued
pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive
change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.


 






    6


     


    

 


6.2 Substitute Purchase Warrant. In
case of any consolidation of the Company with, or share reconstruction or amalgamation or merger of the Company with or into, another
corporation (other than a consolidation or share reconstruction or amalgamation or merger which does not result in any reclassification
or change of the outstanding Common Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall
execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share
reconstruction or amalgamation, by a holder of the number of Common Shares of the Company for which such Purchase Warrant might have been
exercised immediately prior to such consolidation, share reconstruction or amalgamation or merger, sale or transfer. Such supplemental
Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision
of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations or mergers.


 


6.3 Elimination of Fractional Interests.
The Company shall not be required to issue certificates representing fractions of Common Shares upon the exercise of the Purchase Warrant,
nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Common Shares or
other securities, properties or rights.


 


7.  Reservation. The Company shall at all times reserve
and keep available out of its authorized Common Shares, solely for the purpose of issuance upon exercise of the Purchase Warrants, such
number of Common Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants
and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms hereby,
all Common Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and
not subject to preemptive rights of any shareholder.


  


8. Certain Notice Requirements.


 


8.1 Holder’s Right to Receive Notice.
Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to receive notice as a shareholder for
the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any
time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 8.2 shall occur, then,
in one or more of said events, the Company shall deliver to each Holder a copy of each notice relating to such events given to the other
shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.


 


8.2 Events Requiring Notice. The Company
shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company shall take
a record of the holders of its Common Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise
than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment
of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders of its Common Shares
any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the
Company, or any option, right or warrant to subscribe therefor.


 


8.3 Notice of Change in Exercise Price.
The Company shall, within 3 Business Days after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice
to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing
the change and the method of calculating same.


 


8.4 Transmittal of Notices. All notices,
requests, consents and other communications under this Purchase Warrant shall be in writing and delivered personally, by e-mail, or sent
by a nationally recognized overnight courier service to following addresses or to such other address as the Holder or the Company may
designate by notice to the other party and shall be deemed given and effective on the earliest of (i) the time of transmission, if such
notice or communication is delivered via e-mail (with confirmation of receipt from the intended recipient by return e-mail or other written
acknowledgment) at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Business
Day after the time of transmission, if such notice or communication is delivered via e-mail (with confirmation of receipt from the intended
recipient by return email or other written acknowledgment) at the e-mail address set forth in this Section on a day that is not a Business
Day or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the second Business Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given:


 






    7


     


    

 


If to the Holder:


 


Aegis Capital Corp.,


1345 Avenue of the Americas


27th Floor


New York, NY 10105


Attention: Global Equity Markets


E-mail: [●]


 


with a copy (which shall not constitute notice) to:


 


Anthony W. Basch, Esq.


Alexander W. Powell, Esq.


Kaufman & Canoles, P.C.


1021 E. Cary Street, Suite 1400


Two James Center


Richmond, VA 23219


E-mail: awbasch@kaufcan.com


awpowell@kaucan.com


 


If to the Company:


 


Clearmind Medicine Inc.

101 – 1220 West 6th Avenue


Vancouver, British Columbia V6H1A5


Attention: Dr. Adi Zuloff-Shani, Chief Executive
Officer


E-mail: adi@clearmindmedicine.com


 


 


with a copy (which shall not constitute notice) to:


 


David Huberman, Esq.


McDermott Will & Emery LLP


One Vanderbilt Avenue


New York, NY 10017-3852


Email: dhuberman@mwe.com


 


 


9. Miscellaneous.


 


9.1 Amendments. The Company and Holder
may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity,
to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to
make any other provisions in regard to matters or questions arising hereunder that the Company and Holder may deem necessary or desirable
and that the Company and Holder deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall
require the written consent of and be signed by (i) the Company and (ii) the Holder(s) of Purchase Warrants then-exercisable for at least
a majority of the Common Shares then-exercisable pursuant to all then-outstanding Purchase Warrants.


 


9.2 Headings. The headings contained
herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of
any of the terms or provisions of this Purchase Warrant.


 






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9.3. Entire Agreement. This Purchase
Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes
the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings
of the parties, oral and written, with respect to the subject matter hereof.


 


9.4 Binding Effect. This Purchase Warrant
shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors,
legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim
under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.


 


9.5 Governing Law; Submission to Jurisdiction;
Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against
it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the courts located in the City of
New York, County of New York, and State of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process
or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses
relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to
the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the
fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby.


 


9.6 Non-Waiver. The failure of the
Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver
of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company
or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment
of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or
parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment
shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.


 


9.7 Exchange Agreement. As a condition
of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise
of this Purchase Warrant by Holder, if the Company and Holder enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF, the Company has caused this
Purchase Warrant to be signed by its duly authorized officer as of the date first written above.


 


	CLEARMIND MEDICINE INC.	 
	 	 
	By:	 	 
	 	Name: 	Dr. Adi Zuloff-Shani	 
	 	Title:	Chief Executive Officer	 


 


 




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[Form to be used to exercise Purchase Warrant]


 


Date: __________, 20___


 


The undersigned hereby elects irrevocably to exercise
the Purchase Warrant for ______ common shares, no par value per share (the “Common Shares”), of Clearmind
Medicine Inc., a British Columbia corporation (the “Company”), and hereby makes payment of $____ (at the
rate of $____ per Common Share) in payment of the Exercise Price pursuant thereto. Please issue the Common Shares as to which this Purchase
Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number
of Common Shares for which this Purchase Warrant has not been exercised.


 


or


 


The undersigned hereby elects irrevocably to convert
its right to purchase ___ Common Shares of the Company under the Purchase Warrant for ______ Common Shares, as determined in accordance
with the following formula:


 


	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Common Shares to be issued to Holder;
	 	Y	=	The number of Common Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Common Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per common share
	 	 	 	 	 	 	 


 The undersigned agrees and acknowledges that the calculation
set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by the
Company in its sole discretion.


 


Please issue the Common Shares as to which this
Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing
the number of Common Shares for which this Purchase Warrant has not been converted.


 


Signature                                                                               


 


Signature Guaranteed                                                              


  


INSTRUCTIONS FOR REGISTRATION OF SECURITIES


 


Name:                                                                                  


(Print in Block Letters)


 


Address:                                                                
           


                  
                                                             
             


 


NOTICE: The signature to this form must correspond
with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities
exchange.


 




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[Form to be used to assign Purchase Warrant]


 


ASSIGNMENT


 


(To be executed by the registered Holder to effect
a transfer of the within Purchase Warrant):


 


FOR VALUE RECEIVED, __________________ does hereby sell, assign and
transfer unto the right to purchase common shares, no par value per share, of Clearmind Medicine Inc., a British Columbia corporation
(the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such
right on the books of the Company.


 


Dated: __________, 20__


 


Signature                                                                      


 


Signature Guaranteed                                                 


  


NOTICE: The signature to this form must correspond with the name as
written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.


 


 


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