UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File Number 0-7693
Cusip Number 459858 20 5
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q [ ] Form N-SAR
For the Period Ended: September 30, 2000
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:____________________________
Read Instructions (on back page) Before Preparing Form. Please
Print or Type. Nothing in this form shall be construed to imply that
the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
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Full Name of Registrant:
INTERNATIONAL MERCANTILE CORPORATION
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Former Name if Applicable
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Address of Principal Executive Office (Street and Number)
1625 KNECHT AVENUE
City, State and Zip Code
BALTIMORE, MARYLAND 21227
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Part II - Rules 12b-25(b) and (c)
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If the subject report could not be filed without unreasonable effort
or expense and the Registrant seeks relief pursuant to Rule 12b-25(b),
the following should be completed. (Check box if appropriate)
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[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report, semi-annual report, transition
Report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following
the prescribed due date; and
[X] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached, if applicable.
Part III - Narrative
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State below in reasonable detail the reasons why Form 10-K, 20-F, 11-
K, 10-Q, N-SAR or the transition report or portion thereof could not
be filed within the prescribed time period.
The Registrant's Form 10-QSB could not be filed within the
prescribed time period because the results of an independent
appraisal regarding the valuation of certain assets material to
the financial statements as a whole have not yet been completed.
This has prevented the accounting firm from being able to
complete its documentation required in the 10-QSB filing.
Part IV - Other Information
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(1) Name and telephone number of person to contact in regard to
this notification:
C. Timothy Jewell (410) 242-5000
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(name) (area code) (telephone number)
(2) Have all other periodic reports required under section 13 or
15(d) of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for
such shorter period that the Registrant was required to file such
report(s) been filed? If the answers no, identify reports(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject
report or portion thereof?
[ ] Yes [X] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
See Attached Letters {1} from Caruso & Caruso, Certified Public
Accountants, P.A. and {2} Itrade Direct.com {appraisers}
INTERNATIONAL MERCANTILE CORPORATION has caused this notification to be
signed on its behalf by the undersigned thereunto duly authorized.
Date: November 13, 2000
INTERNATIONAL MERCANTILE CORPORATION.
By: /s/ C. Timothy Jewell
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C. Timothy Jewell,
President
<PAGE>
November 10, 2000
United States Securities and Exchange Commission
Washington, D.C. 20549
We are the accountants engaged by International Mercantile
Corporation to compile the financial statements for the quarter ended
September 30, 2000. The results of an appraisal, which was requested
by the Company, regarding the valuation of a stock transaction
material to the financial statements as a whole has not yet been
completed. As a result, the financial statements have not been issued.
Sincerely,
/s/ Michael A. Caruso
Caruso & Caruso, CPAs', P.A.
Boca Raton, Florida
<PAGE>
Salem Securities Corporation 5340 N. Federal Highway, Suite 106
Investments Since 1986 Lighthouse Point, FL 33064
(954) 360-2836
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(888) 783-3100
(954) 360-0419 Fax
November 10, 2000
Michael Caruso,
Carusoe & Carusoe, CPA
6971 N. Federal Hwy.
Suit 300
Boca Raton, FL 33487
Dear Michael:
You have asked me to give a fair market evaluation for the stock of
International Merchantile Corp. (IMTE) for the period of time of August
15-31st, 2000. Currently the stock is selling at a price of $0.75 and due
to the general volatility of the market and the very low volume of the
stock, I will need to calculate the discounted value based upon an
extended period I should have a figure for you by this Friday, November 17th.
Sincerely,
/s/Martin Clancy
Martin Clancy
