At these stock prices, and then factor in a reasonable discount,...

At these stock prices, and then factor in a reasonable discount, a capital raising would be massively dilutive. If NZD gold price remains strong over 2009, OGC should be able to generate some surplus cash after paying capital leases, project debt payments, interest and corporate costs. This cash could be used towards funding the copper/gold project. Time will tell how it all pans out.
My view is that a capital raising would be negative for the stock price, not positive.