This is the ASX press release at the time the notes were...

This is the ASX press release at the time the notes were issued:

Sydney, Australia, 26th September 2006 –

The Directors of QuikTrak are pleased to announce the completion of a successful capital raising, comprising a placement of convertible notes.
This has resulted in considerable over-subscriptions from professional, sophisticated and institutional investors for$ 5,500,000 in convertible notes with a face value of 20 cents per convertible note.
The lead manager to the placement was Bell Potter Securities Limited.

The convertible notes are unsecured and have a term of two (2) years with a yield of 10 % per annum paid quarterly in arrears.

The proceeds from this capital raising will be used to fastrack the further roll-out of radio frequency assets in China and South Africa, details of which were announced on September 19th, 2006.
This will enable the company to take further advantage of the opportunities opening up to it throughout China and South Africa, and in other parts of the world where the company is actively seeking spectrum.
With the supply of transponder modems to Beijing set to commence shortly this successful capital raising positions QuikTrak for a year of significant growth.