Aug 29 (Reuters) - Almonty Industries Inc AII.V
* Almonty announces it has reached an agreement to convert a CAD$4.0 million convertible debenture and outstanding interest into common shares
* Almonty Industries Inc - conversion is to be effected at a price per common share of $0.60
* Almonty Industries Inc - Almonty and Drag also have reached an agreement to settle outstanding interest under debenture