Consolidated Mercantile Incorporated

Consolidated Mercantile Incorporated
Trading Symbols: TSX ("CMC") NASDAQ ("CSLMF") 


TORONTO, Nov. 13  /PRNewswire-FirstCall/ -- Consolidated Mercantile Incorporated
announced that shareholders at a Special Meeting held on November 12, 2003
passed a special resolution authorizing the Company to amend its Articles to
vary the attributes attaching to the issued and outstanding Series 1 Preference
Shares of the Company. In summary, the special resolution passed by shareholders
provides that the presently issued 3,076,885 Series 1 Preference Shares will be
exchanged for new Preference Shares ("New Preference Shares") on the basis of 1
new Preference Share for each 2 presently issued Series 1 Preference Shares; the
New Preference Shares will be convertible into common shares of the Company on
the basis of 1 common share for each 5.7 New Preference Shares until March 31,
2004; the New Preference Shares will carry a non-cumulative dividend of $0.04 (4
cents) per share; and will be redeemable at the option of the Company at $0.44
(44 cents) per share. All arrears of cumulative dividends on the Series 1
Preference Shares (which totaled $1,938,437 as of June 30, 2003) will be
cancelled. Articles of Amendment were filed on November 12, 2003, giving effect
to the special resolution. 

DATASOURCE: Consolidated Mercantile Incorporated



CONTACT: Stan Abramowitz, Secretary, [phone]

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