UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Intercell Corporation
(Name of Issuer)
common stock
(Title of Class of Securities)
458441300
(CUSIP Number)
* 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).
________________________________________________________________________________
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
QUEENSWAY FINANCIAL HOLDINGS LIMITED
90 Adelaide Street West, Suite 500
Toronto, Ontario, Canada
M5H 3V9
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ___
(b) ___
_______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Toronto, Ontario, Canada
_______________________________________________________________________________
NUBMER OF 5 SOLE VOTING POWER
SHARES 12,248,767
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 12,248,767
8 SHARED DISPOSITIVE POWER
0
_______________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,248,767
______________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
_______________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
15.4%
_______________________________________________________________________________
12 TYPE OF REPORTING PERSON
HC
_______________________________________________________________________________
SEE INSTRUCTIONS BEFORE FILING OUT!
Item 1
(a) Name of Issuer:
Intercell Corporation
(b) Address of Issuer's Principal Executive Offices:
370 Seventeenth Street
Suite 3290
Denver, CO
80202
Item 2
(a) Name of Person Filing:
Queensway Financial Holdings Limited
(b) Address of Principal Business Office or, if none, Residence:
90 Adelaide Street West, Suite 500
Toronto, Ontario, Canada
M5H 3V9
(c) Citizenship:
Canadian
(d) Title of Class of Securities:
common stock
(e) CUSIP Number:
458441300
Item 3
The person filing this statement is a: (g) Parent Holding Company
Item 4
Ownership
(a) Amount Beneficially Owned:
12,24
8,767
(b) Percentage of Class: 15.4%
(c) Number of shares as to which such person has:
1. sole power to vote or to direct the vote
12,24
8,767
2. shared power to vote or to direct the vote
0
3. sole power to dispose or to direct the disposition of
12,2
48,767
4. shared power to dispose or to direct the disposition of
0
Item 5
Ownership of Five Percent or Less of a Class:
The reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities ( ).
Item 6
Ownership of More than Five Percent on Behalf of Another Person:
Not applicable.
Item 7
Identification and Classification of the Subsidiary Which Acquired the Security
Being Reported on By the Parent Holding Company:
Not applicable.
Item 8
Identification and Classification of Members of the Group:
Not applicable.
Item 9
Notice of Dissolution of Group:
Not applicable.
Item 10
Certification:
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purposes of effect.
SIGNATURE
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.
October 14, 1999
Date
Crystal Maloney
Signature
Manager, Treasury
Name/Title
