Filed Pursuant to Rule 424(b)(3) Registration No. 333-58654 ----------------------------------------------------------------------------- BION ENVIRONMENTAL TECHNOLOGIES, INC. SUPPLEMENT NO. 2 DATED DECEMBER 13, 2001 TO PROSPECTUS DATED APRIL 13, 2001 Charles F. Kirby has transferred his J1-A Warrants and Convertible Note to James Scibelli and Donald Condignotto. As a result Mr. Kirby is no longer a Converting Holder, and the disclosures for Mr. Scibelli and Mr. Condignotto are revised as follows: Shares Shares Issuable Issuable Percent of on the on the Common Stock Conversion Exercise Shares held after Security Holder of Notes of Warrants Offered the Offering --------------- ----------- ----------- ---------- ------------ J1-A Warrants(10) and Convertible Note-A (11) Holders ----------------------------------------------------- Scibelli, James 151,250 41,250 192,500 * Condignotto, Donald 13,750 3,750 17,500 *