Montreal: Telescene Film Group through its production partnership subsidiary Action Adventure Network has announced it will produce a second season of Sir Arthur Conan Doyle’s The Lost World, with 22 new one-hours, bringing the series total to 44 hours.

On Dec. 9, Telescene (tfg.b) announced it had filed a preliminary short-form prospectus for a new issue in each Canadian province. A spokesperson for lead manager Griffiths McBurney & Partners says the price will be set ‘in the context of the market.’ The offering is aimed at raising approximately $12 million gross.

The renewal for Lost World is the result of a strong 2.3 rating in syndication in the November u.s. sweeps. New Line Television is selling the show in the u.s. syndication market. It makes its Canadian debut on chum’s Space: The Imagination Station next month.

Telescene recently announced a 20 one-hour series order for Matthew Blackheart: Monster Smasher. It’ll shoot on location in Montreal next spring. Episodes of Lost World and Blackheart are budgeted at us$1 million ($1.5 million).

The company is currently shooting 22 new half-hours of Big Wolf on Campus, for a total of 44, and is waiting for a series decision from mtv on Live Through, says Paul Painter, Telescene exec vp and coo, adding, talks are underway with Fox to take Wolf to 66 episodes.

Painter says the credit line with Banque Internationale de Luxembourg in the u.k. is secure ‘but only kicks in for new product after the first season of Lost World.’ The new financing facility will be used for both the second season of Lost World, and for Blackheart, but not for Big Wolf on Campus.

Lost World is coproduced with Australia’s Coote Hayes Productions in association with St. Claire Entertainment.

Telescene has not escaped the ravage in entertainment stocks, although there are signs the worst is over.

The company’s market cap took a major hit this fall, dropping from a high of $22 to $9, despite the fact the company delivered entirely on its ’99 projections.

Painter says the fundamental issue is ‘sectorial, big time. We’re just going to do our job and let the marketplace determine where the stock price is going to be,’ he says.

The new share issue units consist of one class b subordinate voting share and one-half of a share purchase warrant. Each full warrant entitles the holder to acquire one additional class b share for a period of three years.