Consolidated Mercantile Incorporated

Share Name	Share Symbol	Market	Type
Consolidated Mercantile (MM)	NASDAQ:CSLMF	NASDAQ	Ordinary Share

Share Name

Share Symbol

Market

Type

Consolidated Mercantile (MM)

NASDAQ:CSLMF

NASDAQ

Ordinary Share

Price Change

% Change

Share Price

Bid Price

Offer Price

High Price

Low Price

Open Price

Shares Traded

Last Trade

0.00

0.00%

1.47

0.00

01:00:00

Consolidated Mercantile Incorporated

02/05/2005 9:23pm

PR Newswire (US)

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Consolidated Mercantile Incorporated TORONTO, May 2 /PRNewswire-FirstCall/ -- Consolidated Mercantile Incorporated ("CMC" - T.S.X.) ("CSLMF" - NASDAQ) announced today that it has agreed to purchase for cancellation $550,000 of its issued and outstanding 11.9% convertible debentures (the "Debentures") from Cambrelco Inc. for the price of $870,000. The Debentures bear interest at the rate of 11.9% per annum, are convertible into 183,333 common shares of the Corporation at $3.00 per share and mature on September 8, 2006. Cambrelco Inc., the owner of the Debentures is controlled by Fred Litwin, an officer, director and indirectly the controlling shareholder of the Corporation. It is anticipated that the transaction will close on or about May 31, 2005. Pursuant to Ontario Securities Commission Rule 61-501, the transaction is a Related Party Transaction; however due to its small size is exempt from the formal valuation and minority shareholder approval requirements of Rule 61-501. The proposed transaction was unanimously approved by both a special committee of the independent directors and the board of directors of the Corporation as being in the best interests of the Corporation. The Special Committee and the Board in approving the transaction took into account that the purchase for cancellation of the Debentures would be anti-dilutive and would also result in significant savings in interest costs. DATASOURCE: Consolidated Mercantile Incorporated CONTACT: please contact: Stan Abramowitz, Secretary, (416) 920-0500

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CSLMF Consolidated Mercantile (MM)