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, (416) 920-0500

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