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The indie project, based on Neil McCormick's book Killing Bono: I Was Bono's Doppleganger, follows the fortunes of one of the Irish group's rivals in the '70s Dublin music scene. Barnes will play McCormick in the film.
Charlie Cox and Robbie Sheehan have also signed up to join the cast.
Nick Hamm (The Hole) is directing the movie, which is scheduled to begin filming next month in London and Dublin.
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