SYDNEY — The producers of Aussie Western “Clancy of the Overflow” are seeking a U.S. studio deal and bank financing for the A$29 million ($20.3 million) pic after failing to raise funds from Oz investors.
Mom-and-pop investors forked over about $10.5 million by Wednesday, the end of the fiscal year, to get a piece of a film based on a key character in 1982 Aussie hit “The Man From Snowy River” (Daily Variety, Feb. 17).
But that was around $4 million shy of the minimum required, so investors, who were offered a 60% distribution guarantee from L.A.-based Bob Yari Prods., will get their money back.
“We got no support from the big end of town,” said producer Mark Pennell, now repackaging the project. “We spent a lot of time, effort and money to try to make this an all-Australian product.”
He hopes Simon Wincer will remain on board as director: Wincer owns 20% of the pic.
Pennell has not confirmed any casting, although he is partnered in the production with Hugh Jackman.
Pennell said he will shop the pic to U.S. studios and seek bank financing, and he hopes to start shooting in March.
Separately, Beyond Intl.’s Beyond Media Fund raised $10.1 million through June 30 from around 20 individuals who each shelled out a minimum of $280,000.
Beyond managing director Mikael Borglund said the coin would fund 11 docus that have been pre-sold to international broadcasters.
Beyond raised $6.4 million in a similar fashion last year.