FORM 4
( ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
SECURITIES AND EXCHANGE COMMISSION _____________________
Washington, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934 (the |BURDEN HOURS |
"1934 Act"), Section 17(a) of the Public |PER RESPONSE 0.5 |
Utility Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Helix Investments (Canada) Inc.
70 York Street, Suite 1700
Toronto, Ontario, Canada, M5J 1S9
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2. Issuer Name and Ticker or Trading Symbol
The Panda Project, Inc. PNDA
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
N/A
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4. Statement for Month/Year
July 1997
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5. If Amendment, Date of Original (Month/Year)
N/A
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6. Relationship of reporting person to Issuer (Check all applicable)
( ) DIRECTOR
(X ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
_____________________________________________________
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7. Individual, or Joint/Group Filing (Check all applicable)
(X ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security (Instr. 3)
Common Shares
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2. Transaction Date(s) (Month/Day/Year)
(a) 07/02/97; (b) 07/14/97; (c) 07/18/97; (d) 07/25/97
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3. Transaction Code(s) (Instr. 8)
(a) P; (b) P; (c) P; (d) P
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
(a) 69,000 Acquired at approximately $2.78 per share.
(b) 33,500 Acquired at approximately $2.65 per share.
(c) 20,000 Acquired at approximately $3.145 per share.
(d) 20,000 Acquired at approximately $4.00 per share.
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
1,268,101
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
Indirect
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
See Explanation (1) below.
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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TABLE II
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., Puts, Calls, Warrants, Options, Convertible securities)
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1. Title of Derivative Security (Instr. 3)
(a) Warrants; (b) Warrants; (c) Warrants
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2. Conversion or Exercise Price of Derivative Security
(a) $3.75; (b) $40.00; (c) $11.00
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3. Transaction Date(s) (Month/Day/Year)
(a) 12/31/96; (b) N/A; (c) N/A
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4. Transaction Code(s) (Instr. 8)
(a) J; See Explanation (2) below; (b) N/A; (c) N/A
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
(a) 116,674 Disposed; (b) N/A; (c) N/A
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6. Date Exercisable and Expiration Date (Month/Day/Year)
(a) N/A; (b) Now to 07/14/98; (c) Now to 07/16/01
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
(a) N/A; (b) 54,348 Common Shares; (c) 200,000 Common Shares
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8. Price of Derivative Securities (Instr. 5)
(a) N/A; (b) N/A; (c) N/A
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
(a) N/A; (b) 54,348; (c) 200,000. 254,348 in total.
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
(a) N/A; (b) Indirect; (c) Indirect
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
(a) N/A; (b) See Explanation (3) below; (c) See Explanation (3) below
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EXPLANATION OF RESPONSES:
THIS FILING CONSTITUTES THE FIRST ELECTRONICALLY FILED FORM 4 FILED BY THE
REPORTING PERSON, AND THEREFORE RESTATES CERTAIN INFORMATION CONTAINED IN
PREVIOUSLY FILED FORMS 3 AND 4.
(1) Of the 1,268,101 Common Shares, 142,500 are owned by Helix (PEI)
Inc. ("Helix PEI") and 1,125,601 are owned by Philippi Investments
Ltd. ("Philippi"). Philippi is a wholly owned subsidiary of Helix
PEI, and Helix PEI is a wholly owned subsidiary of Helix Investments
(Canada) Inc. ("Helix Canada"). Donald C. Webster holds an
approximate 44.1% equity interest in Helix Canada.
(2) 116,674 Warrants expired unexercised on 12/31/96.
(3) Of the total of 254,348 Warrants, 54,348 are owned by Helix PEI
and 200,000 are owned by Philippi.
The 1,268,101 Common Shares reported on herein have been reported
separately by each of Donald C. Webster, Helix Canada, Helix PEI and
Philippi (together with Donald C. Webster, Helix Canada and Helix
PEI, the "Reporting Persons"); the 200,000 Warrants to purchase
200,000 Common Shares reported on herein have been reported
separately by each Reporting Person, and the 54,348 Warrants to
purchase 54,348 Common Shares reported on herein have been reported
separately by each Reporting Person other than Philippi, all in
accordance with Rule 16a- 1(a)(3) promulgated under the 1934 Act. In
accordance with Rule 16a-1(a)(4) promulgated under the 1934 Act, the
Reporting Person filing this form declares that such filing is not to
be construed as an admission that such Reporting Person is, for the
purpose of Section 16 of the 1934 Act or otherwise, the actual
beneficial owner of any of the securities reported on herein.
HELIX INVESTMENTS (CANADA) INC.
/s/ May A. Anis 09/02/97
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** SIGNATURE OF REPORTING PERSON DATE
May A. Anis
Secretary-Treasurer
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** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
