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Sears Canada Inc. , 94 per cent owned by U.S.-listed Sears Holdings Corp. , is likely to strike more new years lows today after SHLD said yesterday it plans to close between 100 and 120 Sears and Kmart stores to raise cash after a weak holiday shopping season raised concerns over its future. Although Sears Canada reportedly said it has no plans to close stores, its stock is down around 40 per cent so far this year.

Americas Petrogas may test a year high $2.99 after it announced interim results of its ongoing drilling program targeting the Eastern portion of the Neuquen Basin of Argentina. The first well of this drilling program that was completed on Medanito Sur block is the El Jabali a-2 well (EJ.a-2). The well has made a significant discovery of light (34 degrees API) crude oil from the sandstone formation above the Pre Cuyo in a 10 metre interval at a depth of 1036 metres. The well test resulted in 99 per cent oil, flowing on a 10 mm choke with 300 psi wellhead pressure. After completion tests, the well was tied in to production facilities, put on production and is currently producing approximately 700 barrels of oil per day. It said this latest discovery confirms the growing oil potential of the Medanito Sur block and the geological model of the western part of the block.

Imvescor Restaurant Group Inc. over the holiday period announced the results of its previously announced offering of transferable rights to subscribe for additional common shares in the capital of the Company to the Company's existing holders of Common Shares. As at 4.00 p.m. (EST) on Dec. 22, 2011, the expiry time under the Rights Offering, Rights representing 26,837,243 Common Shares out of a potential of 34,090,910 Common Shares had been exercised at a price of $0.44 per Common Share, representing an overall exercise level of 78.72 per cent and gross proceeds of $11,808,386.92.

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The Rights Offering is part of a series of transactions intended to refinance and recapitalize the Company by repaying its existing 7.75 per cent convertible extendible unsecured subordinated debentures maturing on Dec. 31, 2011. In other news, Clarke Inc. announced that it has acquired 3,344,650 shares of Imvescor Restaurant Group Inc by way of exercising rights distributed to shareholders on Nov. 25, 2011, bringing its total holdings in Imvescor to 4,271,350 shares, representing approximately 11.77 per cent of the total outstanding shares. The purchase of the Imvescor shares by Clarke was made for investment purposes. Clarke paid consideration of $0.44 per Imvescor share.

Crystallex International , a Canadian miner that tried for years to develop a massive gold deposit in Venezuela, filed for bankruptcy protection last Friday. Crystallex was reportedly close to securing $135-million (U.S.) in financing before it entered creditor protection.

RuggedCom Inc. , provider of rugged communications networking solutions designed for mission-critical applications in harsh environments, announced today that its Board of Directors has adopted a limited duration shareholder rights plan. The company said the Rights Plan, which is intended to ensure that in the context of the unsolicited take-over proposal for RuggedCom common shares announced by Belden Inc., the Board has sufficient time to explore and develop strategic alternatives that are in RuggedCom's best interests, will expire at the close of business on June 23, 2012.

Chalice Gold Mines announced today that it has entered into a conditional shortform agreement to sell its remaining 60 per cent stake in the Zara Project in Eritrea to China SFECO Group, a subsidiary of Shanghai Construction Group Co. Ltd. The company said that under the agreement, SFECO will pay $80-million (U.S.) in cash for Chalice's share of the mineral resource at the Koka gold deposit. In addition, SFECO will pay Chalice a further sum, not to exceed $20-million (U.S.) for the balance of the area falling within the Zara Project.

EmberClear Corp. announced today its unaudited financial results for the period ended Sept. 30, 2011. The advanced energy development company said its net loss for the period, including discontinued operations, increased 256 per cent to $2.7-million from $1.1-million for the same period in the prior year. The cash position of the company was $6.6-million with a working capital of $5.9-million compared to working capital of $9.3-million at June 30, 2011.

Ballard Power Systems , which is trading at year lows, has signed a Letter of Intent with The City of Sao Paulo, Brazil for 25 FCvelocityTM-HD6 fuel cell modules to power 25 buses in that city. Delivery of the modules is planned for 2012. A final agreement with The City of Sao Paulo is now in negotiation.

Tolima Gold Inc. announced today that it has closed the purchase of all of the issued and outstanding share capital of Sun Lakes Advisors SA, a Panamanian company, which owns all of the issued and outstanding share capital of Papayo Gold SAS that holds mineral properties surrounded by several of Tolima's current Nortol properties. The company said the total cost for the acquisition of Sun Lakes and Papayo Gold, including the Mineral Properties, land and equipment was $5.1-million (U.S.) in cash and over 3 million in common shares of Tolima.

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