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Clearmind Medication Broadcasts Pricing of US$7.5 Million

VANCOUVER, Nov. 14, 2022 (GLOBE NEWSWIRE) — Clearmind Medication Inc. (Nasdaq and CSE: CMND), (FSE: CWY0) (“Clearmind” or the “Firm”), a biotech firm targeted on discovery and improvement of novel psychedelic-derived therapeutics to resolve main undertreated well being issues, right this moment introduced the pricing of its underwritten public providing of 1,153,847 widespread shares at a value to the general public of US$6.50 per share (CAD$8.65), for mixture gross proceeds of US$7.5 million, previous to deducting underwriting reductions and providing bills. The pricing happens following a 1-for-30 reverse inventory cut up, which was efficient at 5:30 pm on September 30, 2022.

As well as, the Firm has granted Aegis Capital Corp. (“Aegis”) a 45-day choice to buy as much as 173,077 extra widespread shares, equal to fifteen% of the variety of shares bought within the providing solely to cowl over-allotments, if any. The general public buy value per extra widespread share will likely be US$6.50 per share (CAD$8.65). If Aegis workouts the choice in full for widespread shares, the overall gross proceeds of the providing together with the overallotment are anticipated to be roughly US$8.6 million earlier than deducting underwriting reductions and commissions and providing bills. The providing is anticipated to shut on or about November 17, 2022, topic to customary closing circumstances. All securities bought as a part of the providing might not be bought, transferred, hypothecated or in any other case traded on or by means of amenities of Canadian securities change or in any other case in Canada or for the good thing about a Canadian resident till March 17, 2023.

Aegis Capital Corp. is appearing as sole book-running supervisor for the providing.

Moreover, Aegis will obtain 57,692 underwriter warrants, every such warrant entitling the brokers to obtain one widespread share upon cost of US $8,125 per share, exercisable six (6) months after the graduation of gross sales of this providing and expiring on a date which is not more than 5 (5) years after the graduation of gross sales of the providing.

The Firm additionally introduced that, in reference to the providing, its widespread shares have been authorised for itemizing on the Nasdaq Capital Market and can start buying and selling on the Nasdaq Capital Market beneath the image “CMND” on November 15, 2022.

A registration assertion on Type F-1 (No. 333-265900) regarding the securities being bought on this providing was declared efficient by the Securities and Change Fee (the “SEC”) on November 14, 2022. The providing is being made solely via a prospectus. Copies of the ultimate prospectus could also be obtained, when out there, on the SEC’s web site, www.sec.gov, or by contacting Aegis Capital Corp., Consideration: Syndicate Division, 1345 Avenue of the Americas, twenty seventh Flooring, New York, NY 10105 , by e-mail at syndicate@aegiscap.com, or by phone at (212) 813-1010.

This press launch shall not represent a proposal to promote or a solicitation of a proposal to purchase, nor shall there be any sale of those securities in any state or jurisdiction through which such a proposal, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or jurisdiction.

About Clearmind Medication Inc.

Clearmind is a psychedelic pharmaceutical biotech firm targeted on the invention and improvement of novel psychedelic-derived therapeutics to resolve widespread and underserved well being issues, together with alcohol use dysfunction. Its major goal is to analysis and develop psychedelic-based compounds and try to commercialize them as regulated medicines, meals or dietary supplements.

The Firm’s mental portfolio at present consists of seven patent households. The Firm intends to hunt extra patents for its compounds every time warranted and can stay opportunistic concerning the acquisition of extra mental property to construct its portfolio.

Shares of Clearmind are listed for buying and selling on the Canadian Securities Change beneath the image “CMND”, the Frankfurt Inventory Change beneath the image “CWY0” and on the OTC Markets beneath the image “CMNDF”.

For additional info, please contact:

Investor Relations,

E-mail: make investments@clearmindmedicine.com

Phone: (604) 260-1566

Common Inquiries,

Information@Clearmindmedicine.com

clearmindmedicine.com

FORWARD-LOOKING STATEMENTS:

This information launch could comprise forward-looking statements and data based mostly on present expectations. These statements shouldn’t be learn as ensures of future efficiency or outcomes. Such statements contain recognized and unknown dangers, uncertainties and different elements that will trigger precise outcomes, efficiency or achievements to be materially totally different from these implied by such statements. Such statements embrace submission of the related documentation throughout the required timeframe to the satisfaction of the related regulators and elevating adequate financing to finish the Firm’s enterprise technique. There isn’t any certainty that any of those occasions will happen. Though such statements are based mostly on administration’s affordable assumptions, there will be no assurance that such assumptions will show to be right. For a extra detailed description of the dangers and uncertainties affecting the Firm, reference is made to the Firm’s studies filed on occasion with the Securities and Change Fee (“SEC”), together with, however not restricted to, the dangers detailed within the Firm’s preliminary prospectus (Registration No. 333-265900), filed with the SEC on November 14, 2022. We assume no duty to replace or revise them to mirror new occasions or circumstances. If the Firm does replace a number of forward-looking statements, no inference needs to be drawn that the Firm will make extra updates with respect thereto or with respect to different forward-looking statements. References and hyperlinks to web sites have been offered as a comfort, and the data contained on such web sites will not be included by reference into this press launch. Clearmind will not be liable for the contents of third-party web sites.

Investing into early-stage corporations inherently carries a excessive diploma of danger, and funding into securities of the Firm shall be thought-about extremely speculative.

This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase, nor shall there be any sale of the securities in any province through which such provide, solicitation or sale could be illegal. The securities issued, or to be issued, beneath the underwriter warrants haven’t been, and won’t be, registered beneath the USA Securities Act of 1933, as amended, and might not be supplied or bought in the USA absent registration or an relevant exemption from registration necessities.

Neither the Canadian Securities Change (the “CSE”) nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the CSE) accepts duty for the adequacy or accuracy of this launch.

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