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Wangle Technologies does deal for $2 million loan

Shares are trading up 17% in the morning trading session to $0.02.
Wangle Family Insites app shown on device screens
The company's app is available on the Apple Store and Google Play Store

Wangle Technologies Ltd (ASX:WGL) has entered into a convertible loan agreement for an amount of up to $2 million.

The loan will enable the Wangle to invest in aggressive brand and customer acquisition strategies for Wangle Family Insites, its recently released family protection software suite.

This will then prepare the company for a focus on domestic distribution partnerships and international expansion in 2018.

The loan is with Golden State Capital, Inc, an unrelated party and the loan facility commences on 1 December, 2017 and will last until 30 April 2018.

READ: Wangle Technologies’ shares rise following Android release of family protection software

The convertible loan facility has a limit of $2 million and a minimum commitment of $500,000.

Wangle is required to pay a coupon of $12,500 per $250,000 tranche drawn from the facility upon maturity.

Should the lender elect to convert the loan to equity, shares will convert at the lower of a 15% discount to 5-day volume weighted average price (VWAP) or  $0.02.

Wangle Family Insites monitors children's internet access

Wangle Family Insites (WFI) is a family protection software suite that is now available via the Apple and Android App stores.

It is available on a monthly or annual family subscription and will initially target Australia’s six million families before a planned international expansion.

The WFI product suite is able to analyse children’s internet access in real time and also send parents notifications in real time to help manage cyber threats.

Cyber threats include gaming addiction, cyberbullying, pornography and online predators.

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