Excite Technology Services (ASX:EXT) received commitments to raise AU$2.1 million through the issue of convertible notes to institutional investors, according to a Wednesday filing with the Australian bourse.

The notes carry a coupon rate of 10% per annum, and are convertible at AU$0.01 per share, the filing said.

Participants will also receive one free-attaching unquoted option for every two shares subscribed, at an exercise price of AU$0.035 with an expiration of three years from the issue date, the filing added.

Proceeds will be used to restructure the company's cost base and operations, the company said.

Shares of the company surged 57% in recent Wednesday trade.