The project will be Jinga's first production, as the company has previously picked up completed projects.
The script is written by Susannah Macmillon and Neil Norman. Richards, who previously made The Last Horror Movie and Summer Scars, will direct. No cast is set yet.
The budget is set for about $3m (£1.5m). Jinga's Rosana Coutinho and Richards will produce.
Jinga's AFM slate also includes Summer Scars and Jetsam.