Mr. Ian McDonald reports

BRIGHT MINDS BIOSCIENCES ANNOUNCES CLOSING OF $4 MILLION UNIT OFFERING

Bright Minds Biosciences Inc. has closed its previously announced overnight marketed offering of 2,858,000 units of the company at a price of $1.40 per unit for gross proceeds of approximately $4-million. Eight Capital acted as lead agent and sole bookrunner in connection with the offering and H.C. Wainwright & Co. acted as United States capital markets adviser.

Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable to acquire one common share of the company at an exercise price of $1.76 per warrant until Aug. 30, 2024, subject to adjustment in certain events.

The net proceeds of the offering will be used by the company for preclinical development activities and clinical development activities, as well as general working capital.

In connection with the offering, the agent was paid cash commission for their services in the amount of $280,084 plus expenses and received compensation warrants entitling them to purchase an aggregate of 134,040 units for $1.40 for a period of two years, with the units having the same terms as the units sold pursuant to the offering. The adviser additionally was paid $93,326.80 plus expenses and received 91,158 compensation warrants.

About Bright Minds Biosciences Inc.

Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy and pain. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult-to-treat disorders such as resistant epilepsy, treatment-resistant depression, posttraumatic stress disorder and pain. The company leverages its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds' drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.

We seek Safe Harbor.