Mr. Ian McDonald reports

BRIGHT MINDS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FULLY SUBSCRIBED BY MANAGEMENT

Bright Minds Biosciences Inc. has arranged a fully management-subscribed, non-brokered private placement. This placement involves up to 661,765 units of the company at a price of $1.36 per unit, aiming for aggregate gross proceeds of up to $900,000.

Each unit in this offering will consist of one common share in the capital of Bright Minds and one share purchase warrant. Each warrant grants the holder the right to acquire one share at a price of $1.70 per warrant share, valid for a period of 60 months following the offering's closing date.

This offering is being conducted under the listed issuer financing exemption as per Part 5A of National Instrument 45-106 -- Prospectus Exemptions. As a result, the securities issued will not be subjected to a hold period under the prevailing Canadian securities laws. An offering document related to this placement is available on the company's SEDAR+ profile and on the company's website. Potential investors are advised to thoroughly review this document prior to making any investment decisions.

The proceeds from the offering are intended to further the progress of Bright Minds' phase 2 clinical trial for BMB-101 in a pediatric epilepsy indication. The expected closure of the offering is around Dec. 22, 2023.

Ian McDonald, the chief executive officer and a director of Bright Minds, has committed to subscribing for 100 per cent of the units in this offering. Mr. McDonald's participation is a strategic move to assist the company with financing the phase 2 clinical trial for BMB-101, as the company's other resources are currently devoted to continuing research projects and general working capital needs.

"This investment is a clear signal of our long-term commitment and focused intent to advance BMB-101 into and through phase 2 at an accelerated pace. We believe BMB-101 has the potential to be a best-in-class molecule, offering substantial advantages over existing treatments. Our aim is not just to compete with current standards of care but to set new ones, providing improved outcomes for patients," stated Ian McDonald, chief executive officer of Bright Minds.

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 treatment-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 fenfluramine, psilocybin, LSD (lysergic acid diethylamide) and ibogaine.

We seek Safe Harbor.