The comic is set in the year 2250 and follows a former Solar Alliance Marine (Swank), who spearheads an uprising on Venus, the last free colony, against an oppressive solar government in order to fight for the freedom of her people.
Toby Wagstaff will write the script for the sci-fi film.
Radical president Barry Levine will produce with Swank and Sean Daniel (The Mummy) of the Sean Daniel Co., while Radical executive VP Jesse Berger will executive produce with Untitled Entertainment partner Jason Weinberg and Long.
"Hilary came to Radical excited to find a project with a strong female protagonist that could show off her abilities to do action films," said Levine. "With Hilary being an actor's actor, 'Shrapnel' will give a whole new definition to that type of role."
Swank added: "I am a fan of the work that Barry Levine and Radical Pictures are doing in the comic and action arena. 'Shrapnel' and specifically the character of Sam offer me the opportunity to dive into an exciting character with many layers and depth that are rarely found in this genre."
"'Shrapnel' takes core elements of classic Westerns and brings them into a futuristic epic. We are excited to be working with Hilary to create a cutting edge heroine for a new generation," said Daniel.