ATLANTA –Internap Network Services Corp. (AMEX: IIP) says it will price the 35 million shares of stock the company is offering at $1.50 a share.

Proceeds from the offering, which is expected to close March 2, will be about $48.6 million. Internap also has granted syndicate of underwriters led by SG Cowen an option to purchase 5.25 million shares to cover over-allotments.

The Atlanta-based Internet service provider has said the funds will be used for general corporate purposes, which may include debt repayment and investments in infrastructure.

On Thursday, shares of IIP closed at $1.81, an increase of 11 cents, or 6.5 percent, from the previous day’s close of $1.70 on higher than normal volume.