Williams, who became a talent to watch with his 2006 low-budget thriller London To Brighton, also wrote the script. The story follows two brothers who kidnap an underworld figure and then 'stumble upon a dark rural secret.'
The cast will feature Andy Serkis, Reece Shearsmith, Jennifer Ellison and Steve O'Donnell.
The Premiere Fund has given $1.5m (£770,000) to the film, which was also supported at script stage by the UKFC's Development Fund. Ken Marshall will produce for Steel Mill Pictures with Martin Pope of Magic Light Pictures executive producing.
Other financing partners include Isle of Man Film, Screen Yorkshire and Pathe. Pathe Distribution will handle the UK release and Pathe Pictures International will handle world sales outside North America (which will be done by Cinetic Media).
Sally Caplan, head of the Premiere Fund said: 'Paul Andrew Williams is a fresh British talent with a unique voice and vision. Being able to support this exciting new filmmaker in making his next project reflects our commitment to new talent.'