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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
AMENDMENT NO. 2
Gandalf Technologies Inc.
________________________________________________________________________________
(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
364717108
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP No. 364717108
___________________________________________________________________________________
(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos.
of Above Persons
Iles & Isherwood Inc.
___________________________________________________________________________________
(2) Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
___________________________________________________________________________________
(3) SEC Use Only
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(4) Citizenship or Place of Organization
Canada
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Number of (5) Sole Voting Power
Shares Bene- 3,516,300 Common Shares
ficially ___________________________________________________________________
Owned by
Each Report- (6) Shared Voting Power none
ing Person
With ___________________________________________________________________
(7) Sole Dispositive Power 3,516,300 Common Shares
___________________________________________________________________
(8) Shared Dispositive Power none
___________________________________________________________________________________
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
3,516,300 Common Shares
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(10) Check if the Aggregate Amount in Row (9) Excludes
Certain Shares [ ]
___________________________________________________________________________________
(11) Percent of Class Represented by Amount in Row (9)
12.49%
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(12) Type of Reporting Person
CO
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Item 2(b) of the Statement is hereby amended in its entirety by replacing the
same with the following:
ADDRESS OF PRINCIPAL OFFICE:
260 Engleburn Avenue
Peterborough, Ontario K9H 1S7
Canada
Item 4 of the Statement is hereby amended in its entirety by replacing the same
with the following:
OWNERSHIP:
(a) Amount Beneficially Owned: 3,516,300 Common Shares
(b) Percent of Class: 12.49%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 3,516,300 Common Shares
(ii) shared power to vote: none
(iii) sole power to dispose or direct the disposition of: 3,516,300 Common Shares
(iv) shared power to dispose or direct the disposition of: none
See also the response to Item 6, which information is incorporated by
reference in this Item 4.
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After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
February 13, 1995
/s/ MICHAEL H. ILES
____________________________
Michael H. Iles
President
Iles & Isherwood Inc.
