The term sheet is non-binding, subject to the execution of a definitive agreement

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Vancouver, Canada, Dec. 16, 2024 -- Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) ("Clearmind" or the "Company"), a clinical-stage biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems, today announced that it has signed a non-binding term sheet with Dr. Glitter Pty Ltd, a health technology company that has developed ActivCrystal technology, a world-first oral delivery format that encapsulates active ingredients in crystals that are tasteless, odorless, made from natural ingredients, and designed to be sprinkled on meals. The two companies plan to collaborate on the development and commercialization of Clearmind's proprietary MEAI-based alcohol substitute and Dr Glitter Pty Ltd's proprietary ActivCrystal technology. The term sheet outlines preliminary terms that, upon the mutual agreement of the parties, will be memorialized in a definitive agreement that sets forth a framework for advancing Clearmind and Dr Glitter Pty Ltd's groundbreaking innovations.

Under the terms of the term sheet, upon the execution of the definitive agreement, the parties will work together to develop MEAI-based alcohol alternative aimed to naturally replicate the known sensations from drinking alcohol without the associated health risks or hangover. In ActivCrystal format, Clearmind's MEAI-based alcohol alternative may be sprinkled into users' choice of beverage or food, and dosage may be varied by users individually. This collaboration has the potential to mark an important milestone in Clearmind's strategy to bring MEAI to global markets, addressing the urgent need for innovative solutions to combat alcohol misuse - a major contributor to countless annual deaths worldwide.

"We are thrilled to work with ActivCrystal technology to advance the development of MEAI as a safe alternative to alcohol," said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine. "In parallel to advancing our clinical program with MEAI, we are actively developing our alcohol alternative product, designed to provide some of the enjoyable sensations and experiences associated with alcohol, without the alcohol itself. By offering a solution that adults can enjoy without the harmful effects of alcohol, we aim to transform the landscape of social drinking. We believe that partnering with innovative companies in this field is the right approach to drive this change forward."

"Our mission is to empower happy, healthy living." said Jade Diep, CEO of Dr Glitter Pty Ltd, "Our team is passionate about making alcohol-alternatives more accessible and easy to consume. The ActivCrystal format allows MEAI to be consumed in a variety of beverages that can be chosen by the user, and based on their individual preferences or what is being served in their social setting. We are excited to partner with Clearmind and use our company's technology to support those who suffer from alcohol use disorder and create a new product in the non-alcoholic industry."

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About Clearmind Medicine Inc.

Clearmind is a clinical-stage psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods or supplements.

The Company's intellectual portfolio currently consists of nineteen patent families including 29 granted patents. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.

Shares of Clearmind are listed for trading on Nasdaq under the symbol "CMND" and the Frankfurt Stock Exchange under the symbol "CWY0."

For further information visit: or contact:

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Investor Relations
invest@clearmindmedicine.com

Telephone: (604) 260-1566
US: CMND@crescendo-ir.com

General Inquiries

Info@Clearmindmedicine.com

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About Dr Glitter Pty Ltd

Dr Glitter Pty Ltd is a health technology company that has developed ActivCrystal technology, a world-first oral delivery format that encapsulates active ingredients in crystals that are tasteless, odourless, made from natural ingredients, and designed to be sprinkled on meals.

The Company has submitted its international patent application for the use cases, manufacturing processes, and compositions of ActivCrystals. The product format has been commercialised under the Dr Glitter brand, and has extensive potential applications in dietary supplements, pet supplements, therapeutic drugs, and in geriatric and paediatric medicine. The company also intends to license its product format to brands and manufacturers globally.

For further information, please contact info@activcrystal.com

To learn more about the Dr Glitter brand, please visit

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Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the execution of definitive agreements with Dr. Glitter PTY Ltd., the potential collaboration and partnership with Dr. Glitter PTY Ltd., its strategy to bring MEAI to global markets, its aims to transform the landscape of social drinking and its belief that that partnering with innovative companies in the alcohol alternative and substitute market is the right approach to change the face of social drinking. The Company cannot assure that any patent will issue as a result of a pending patent application or, if issued, whether it will issue in a form that will be advantageous to the Company. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission ("SEC"), including, but not limited to, the risks detailed in the Company's annual report on Form 20-F for the fiscal year ended October 31, 2023 filed with the SEC. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Clearmind is not responsible for the contents of third-party websites.

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