Tokyopop and Australia-based Odin’s Eye will produce a live action 3D feature film adaptation of Tokyopop’s The Dreaming, the companies announced in Cannes this week.  Production is slated for 2011, with a late 2012 release planned. 

The three graphic novel volumes published by Tokyopop were by Queenie Chan, an Australia native. 

The rest of the Australia-heavy production team includes writers Shayne Armstrong and Shane Krause, director Kate Woods, producer Michael Favelle of Odin’s Eye, and Tokyopop’s (California-based) Stu Levy.    

The first phase of financing is being provided by Screen New South Wales, with production funding expected from Australia’s producer’s offset, private equity, and pre-sales.