Australian Gold and Copper's board confirmed the completion of a transaction with Hong Kong investment company Delin Mining Group.

As part of the agreement, the company received $10.1 million and issued 122.2 million fully paid ordinary shares to Delin Mining.

Delin Mining Chairman Zhang Yong was appointed Australian Gold and Copper co-chairman.

Funds will further be used to develop the company's gold and copper projects in New South Wales.