The US$8.5 million term sheet is with European investment company JES Green Investments, which will be used to cover the first of two $3.8 million payments to ZG's vendors, transaction costs and provide working capital.
A second $3.8 million is due by year's end.
Volt had hoped to close the deal by this coming Monday, but the deadline has been extended until June 11 to allow the final terms to be signed.
The loan has a 12-month tenor with 15% interest.
Volt chairman Asimwe Kabunga has agreed to grant a security over his 388 million shares initially, while Volt will pledge its shareholding in ZG once settlement has occurred.
JES will be granted 50 million A6c options, and granted a right to participate in any Volt equity issue during the next year.
Volt managing director Trevor Matthews hopes to travel to Ukraine next week to execute the documents, oversee the appointment of Volt directors to the various ZG boards, and smooth the transition.
Volt expects to become one of the few ASX-listed graphite producers, with a pathway to become Europe's only integrated mine and spherical purified graphite producer, potentially using raw material from its undeveloped Bunyu graphite deposit in Tanzania in the future.
Volt says ZG offers a chance to generate material cashflow.
It has said the business has been operating the Zavalievsky graphite-granite-garnet mine for almost 90 years, supplying traditional markets including refractories, electrodes, lubricants, gaskets/seals, brake linings.
Volt started the quarter with less than $600,000 cash and securities.
Shares in the company were last traded at 4c, valuing it at $95 million.
The stock has traded between 0.8-4.5c over the past 12 months.