Mr. Alex Vasilkevich reports

BRIGHT MINDS BIOSCIENCES ANNOUNCES US$35 MILLION NON-BROKERED PRIVATE PLACEMENT

Bright Minds Biosciences Inc. has arranged a non-brokered private placement of common shares in the capital of the company at a price of $21.70 (U.S.) per share. In addition to the shares issued under the share offering, the company reserves the right to issue prefinanced warrants of the company (PFWs) at $21.699 (U.S.) per PFW. The aggregate gross proceeds of the share offering and the PFW offering, on a combined basis, is for up to $35-million (U.S.). The company, in its sole discretion, may determine the number of PFWs issued pursuant to the PFW offering and the number of shares issued pursuant to the share offering.

Each PFW is exercisable into one share at an exercise price of 0.1 cent per PFW share on the date that is the earlier of: (i) the date the holder thereof elects to exercise the PFWs and pays the exercise price therefor; or (ii) five years from the date of closing.

The company intends to use the aggregate gross proceeds from the offering for research and development related to its drug development programs, and for general working capital. Each of the share offering and the PFW offering may close on one or more dates, as the company may determine.

The company may pay a finder's fee in connection with the offering to eligible arm's-length finders, in accordance with the policies of the Canadian Securities Exchange.

All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day following the closing date, in accordance with applicable Canadian securities laws.

The company intends to use its reasonable commercial efforts to file a registration statement with the United States Securities and Exchange Commission after closing to register the shares and any PFW shares underlying PFWs for resale under the U.S. Securities Act.

About Bright Minds Biosciences Inc.

Bright Minds Biosciences is a biotechnology company developing innovative treatments for patients with neurological and psychiatric disorders. The company's pipeline includes novel compounds targeting key receptors in the brain to address conditions with high unmet medical need, including epilepsy, depression and other CNS (central nervous system) disorders. Bright Minds is focused on delivering breakthrough therapies that can transform patients' lives. Bright Minds Biosciences has developed a unique platform of highly selective serotonergic agonists exhibiting selectivity at different serotonergic receptors. This has provided a rich portfolio of NCE programs within neurology and psychiatry.

We seek Safe Harbor.