Cinetic will represent North American rights and has also arranged financing.
Damian Jones (The History Boys) will produce and casting will be confirmed soon.
The film will shoot in April on location in Manitoba, Canada. The project is set in the small town of Travis Valley, where one day every five years laws are suspended and chaos rules.
Jones said: 'We are very excited to be in business with Content on this extraordinary project and can't wait to bring the residents of Travis Valley to life.'
Jamie Carmichael, president of ContentFilm International added: 'We're always searching for highly original material for our expanding genre slate and were struck by Stephen's fantastically clever and highly original script.'