De-listing means that SGR can no longer be traded on any of the TSX exchanges. That includes both the common shares and the debentures. Although the delisting takes place on January 28th, trading has already been suspended, and so you are stuck with the shares you own.

I noticed that the shares are also suspended on the American Exchanges. I have had stocks suspended in the past which could still be traded Over the Counter. That is not the case here, I'm afraid. And no, you cannot trade them on the Venture Exchange either, or at least not yet.

The company, of course, is still operating (for now). It's options are limited and are going to be driven by the Creditors. They will decide if keeping the company operating is in their best interests. They could, if they choose, close the company and sell off its assets. I suspect this will not be their 1st option.

Whatever is done, short of the POG skyrocketing very soon, I'm afraid we lowly common shareholders are last in line. In my experience, we will be lucky to get a few crumbs at the end. However, given the share price at suspension, that's all we had at this point anyway.

If, at some point in 2015, you decide your shares are useless and you want to use them as a Capital Loss, your broker can provide you with a form which you fill out, declaring the shares as worthless. I did that once in my investing 'career'; not a happy ending.