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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of March 2002
Commission File No.: 1-16801
COMMERCIAL CONSOLIDATORS CORP.
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(Translation of registrant's name into English)
5255 YONGE STREET, SUITE 1010, TORONTO, ONTARIO, M2N 6P4 CANADA
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(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): Not applicable.
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On March 20, 2002, Commercial Consolidators Corp., a corporation
incorporated under the laws of Alberta, Canada (the "Company"), issued a press
release announcing a restructured credit facility transaction between the
Company and MFI Export Finance Inc. ("MFI"). Pursuant to the terms of this
transaction, MFI will make available to the Company and its subsidiaries a
credit facility in the amount of US$5.0 million. There is currently
approximately $US3.6 million outstanding under the credit facility. The facility
is secured by an assignment of receivables and general security agreements.
Outstanding amounts under the facility will bear interest at 12% per annum. MFI
has the right to convert the outstanding indebtedness into the Company's common
shares at US$1.50 per share with a mandatory conversion at such time as the
Company's common shares trade at a level of US$2.10 per share for 10 consecutive
trading days.
On March 20, 2002, the Company also announced that it has arranged a new
revolving convertible credit facility of US$1,000,000 with Mitsui & Co. (Canada)
Ltd. ("Mitsui") to be utilized in connection with purchases of electronic
products from Mitsui by the Company and its subsidiary Mirage Trading Corp.
The foregoing is qualified in all respects by reference to the Memorandum
of Agreement dated March 11, 2002 between MFI and the Company and its
subsidiaries, filed herewith as Exhibit 1, and the Company's press release,
dated March 20, 2002, filed herewith as Exhibit 2, each of which are
incorporated herein by reference in their entirety. Please refer to these
exhibits for a more detailed description of the foregoing.
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.
Date: March 21, 2002
COMMERCIAL CONSOLIDATORS CORP.
By: /s/ Guy Jarvis
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Name: Guy Jarvis
Title: Chief Executive Officer
EXHIBIT INDEX
EXHIBIT DESCRIPTION OF EXHIBIT
1 Memorandum of Agreement, dated March 11, 2002.
2 Press Release dated March 20, 2002.