MCF Energy Ltd. — Capital/Financing Update 2021

May 21, 2021

PINEDALE ENERGY LIMITED ANNOUNCES UPDATE

VANCOUVER, BRITISH COLUMBIA – May 20, 2021 - Pinedale Energy Limited (TSXV: MCF) (“ Pinedale ” or the “ Corporation ”), is pleased to announce that a filing statement dated as of May 16, 2021 (the “ Filing Statement ”) has been filed in connection with Pinedale’s statutory merger under Delaware General Corporation Law (the “ Proposed Transaction ”) with Flavocure Biotech, Inc. (“ Flavocure ”). The Proposed Transaction was previously announced via news releases dated May 25, 2020, June 26, 2020, July 29, 2020 and October 6, 2020.

The Filing Statement includes additional information regarding Flavocure, the Proposed Transaction and the resulting issuer following completion of the Proposed Transaction (the “ Resulting Issuer ”), including financial information and updated pro forma capitalization information. A copy of the Filing Statement is available on SEDAR under the Corporation’s issuer profile at www.sedar.com. Readers are encouraged to review the Filing Statement for full details of the Proposed Transaction.

Pinedale has applied for conditional acceptance of the TSX Venture Exchange (the “ TSXV ”) for the completion of the Proposed Transaction and listing of the Resulting Issuer shares under the symbol “FLA”. Pinedale has filed the Filing Statement at its own risk and there can be no assurance that Pinedale will be able to satisfy the requirements of the TSXV. Closing of the Proposed Transaction remains subject to the satisfaction of all conditions precedent to the completion of the Proposed Transaction, including the receipt of all necessary TSXV and regulatory approvals.

About Flavocure Biotech, Inc.

A privately held company, Flavocure Biotech, Inc. aims to be a leader in the transformation of medicinal properties from cannabis. The company, in collaboration with some of the most prestigious medical research institutions in the world, has discovered ground-breaking cannabis derived molecules and generated preliminary data indicating activity against therapeutically validated kinase mutation targets. Flavocure's patent filed technology has led to an FDA Orphan Drug designation, as well as allowed the company to begin IND enabling studies for Phase 1/2 human clinical trials.

For further information please contact:

Pinedale Energy Limited

Claus Andrup Interim Chief Executive Officer Email: clausandrup@me.com Contact: 604-341-4691

Flavocure Biotech, Inc.

Clark Swanson Executive Vice Chairman Email: clark.swanson@flavocure.com Contact: 424-228-3358

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Cautionary Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to Pinedale, Flavocure, their respective businesses, the Proposed Transaction and the ability of Pinedale and Flavocure to obtain regulatory approvals (including conditional approval of the TSXV) to implement the Proposed Transaction. Forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "intends", "contemplates, "anticipates", "believes, "proposes", "estimates", “aims” or variations of such words and phrases, or statements that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based upon the current expectations of the management of each company. The forward-looking events and circumstances discussed in this release, including the completion of the Proposed Transaction and the conditional approval of the TSXV may not occur by certain specified dates or at all and the final terms of such actions or events could differ materially as a result of known or unknown risk factors or uncertainties affecting the companies, including the risk that Pinedale and Flavocure may not be able to obtain all required approvals for the Proposed Transaction, including the acceptance of the TSXV, the risk that Flavocure may not be able to raise the required capital by reason of the state of capital markets, economic conditions or otherwise, and risks related to the novel coronavirus disease 2019 (COVID-19) and its impact upon the business, operations, financings and completion of the Proposed Transaction. A more complete discussion of the risks and uncertainties is disclosed in the Filing Statement available on www.sedar.com. Although Pinedale and Flavocure have attempted to identify important factors that could cause actual actions, event or result to differ materially from those described in the forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information can be guaranteed. Except as required by applicable securities laws, forward-looking information speaks only as of the date of this press release, and Pinedale and Flavocure undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The information about Flavocure contained in the press release has not been independently verified by Pinedale.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.