Bermuda-based LOM Capital Limited has withdrawn from the financing deal for Renaissance Mining Corp.

LOM managing director, Scott Lines, said: "LOM has withdrawn its offer to assist due to unsatisfactory due diligence."

Sedona Software Solutions, (Sedona) had been due to acquire the assets of Renaissance Mining Corp (RMC), but has now announced that the deal is off. Apparently RMC pulled out of the deal when Sedona became the subject of an SEC investigation and had its share trading suspended due to allegedly misleading statements to the public. LOM had initially agreed to assist RMC by serving as its investment banker for a private equity financing connected with the merger. According to Sedona, they also arranged for the controlling interest in Sedona to be transferred in early January 2003, whereupon all of the officers and directors of Sedona resigned and new directors were to be appointed.

However LOM are no longer involved with either the transaction or their former clients. Under pressure from the SEC, it appears that multiple rifts have formed between the former merger partners, RMC and Sedona. RMC have cancelled their letter of intent which they signed with Sedona in January while Sedona have issued a statement last week contradicting previous announcements by Renaissance chairman, Anthony Wile, and chief executive officer, Ian Park, declaring themselves also officers of Sedona. Sedona have clarified that, on the contrary, John Cooper is the sole director and officer of Sedona.

Mr. Cooper said: "It is unfortunate that events unfolded as they have and that we were unable to consummate our deal with Renaissance. Over the next several months, in addition to dealing with the SEC's investigation, we expect to spend a significant amount of time investigating other business opportunities for the benefit of our shareholders." It remains unclear why Sedona, a software company initially set up to market devices for traffic wardens, would wish to seek a merger with a mining company. Contacted by the Royal Gazette however, a spokesperson for Sedona Software Solutions Inc. said that the company had no comment.