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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Earliest Event Reported: August 7, 1997
Date of Report: August 7, 1997
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INTERNATIONAL MERCANTILE CORPORATION
MISSOURI 0-7693 43-0970243
(State of Other Jurisdiction (Commission (IRS Employer
of Incorporation) File No.) Identification
No.)
7979 OLD GEORGETOWN ROAD, BETHESDA, MD 20814
(Address of Principal Executive Offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER: (301) 774-6913
NOT APPLICABLE
(Former Name or Former Address, If Changed Since Last Report)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
31 TO 1 REVERSE STOCK SPLIT AND ISSUANCE OF 1,000,000 NEW SHARES
REPRESENTING CONTROL OF REGISTRANT
By Consent Action in lieu of a Special Meeting of the Board of Directors
of the Registrant, executed as of July 7, 1997, the Board of Directors of the
Registrant authorized a 31 to 1 reverse stock split (the "Reverse Split") of
Registrant's $1.00 par value per share common stock, reducing the number of
shares of Registrant's issued and outstanding common stock to 101,070. The
Reverse Split was to be effective only upon, and simultaneously with, the
contribution to the Registrant, by Continent Finance Corporation, a Delaware
Corporation, of 100% of the total issued and outstanding shares of Home
America Mortgage Company, a Louisiana corporation valued at $10,955,315 as of
its December 31, 1996, Audited Balance Sheet in exchange for the issuance, to
Continent Finance Corporation, of 1,000,000 shares of Registrant's restricted
common shares. Said new issuance of Registrant's common stock occurred on
August 7, 1997 and represents a controlling interest of Registrant as a result
of the simultaneous effectiveness of the Reverse Split. Voting Control of
Registrant was formerly held by no person or group.
ITEM 7. FINANCIAL REPORTS AND EXHIBITS.
(B) EXHIBITS.
1. Consent Action in Lieu of Special Meeting of the Board of Directors of
International Mercantile Corporation, executed as of July 7, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INTERNATIONAL MERCANTILE
CORPORATION
BY:
DATE: ---------------------------------
--------------- MAX APPLE, PRESIDENT
BY:
DATE: ---------------------------------
--------------- GREGORY DUTCHER, SECRETARY
