UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                       Pursuant to Sections 13 or 15(d) of
                       The Securities Exchange Act of 1934

--------------------------------------------------------------------------------


      Date of Report (Date of earliest event reported): February 16th, 1998

--------------------------------------------------------------------------------



                          WAVERIDER COMMUNICATIONS INC.
               --------------------------------------------------
               (Exact name of registrant as specified in charter)

                                     NEVADA
         --------------------------------------------------------------
         (State or other jurisdiction of incorporation or organization)



              0-25680                              33-0264030
     ---------------------------              ----------------------
      (Commission File Number)                  (I.R.S. Employer
                                              Identification Number)



            204 - 595 Howe Street, Vancouver, BC., Canada, V6C 2T5
            ------------------------------------------------------
            (Address of Principal Executive Offices and Zip Code)


                                (604) 482-1211
             ----------------------------------------------------
             (Registrant's telephone number, including area code)




        (Former name or former address, if changed since last report)

<PAGE>


Item 9.     Sales of Equity Securities Pursuant to Regulation S.

1.  Authorization for Sale and Issuance of Common Stock Units. On February 16th,
1998, WaveRider Communications Inc., (the "Company"), completed the distribution
of 500,000  Common  Stock Units at the price of  U.S.$1.00  per Unit,  each Unit
consisting  of One(1) share of Common  Stock of the Company,  and One (1) Common
Stock Purchase Warrant ("Class E Warrants"),  each Class E Warrant entitling the
holder thereof to purchase One (1) share of the Company's  Common Stock from the
date of issuance until  February  15th,  1999, at a price of U.S. One dollar and
twenty-five  cents,  (U.S. $1.25) per share. The Common Stock Units were offered
and sold outside the United States of America in reliance upon Rule 903(c)(2) of
Regulation S under the Securities Act of 1933, as amended, (the "Act"). No value
was assigned nor any part of the Unit  purchase  price  allocated to the Class E
Warrants.


Signatures:

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly caused this current  report on Form 8-K to be signed on its
behalf by the undersigned thereunto duly authorized.

Dated:  February    16th,   1998.

                                          WaveRider Communications Inc.


                                    Per: /s/ D.B.Sinclair
                                             --------------------------
                                             Bruce Sinclair, President
[{"type": "8-K", "sequence": "1", "description": "CURRENT REPORT", "secsgml_size_bytes": 3155}]
{"company-data": {"conformed-name": "WAVERIDER COMMUNICATIONS INC", "cik": "0000844053", "assigned-sic": "6770", "irs-number": "330264030", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25680", "film-number": "98549039"}, "business-address": {"street1": "700-555 WEST HASTINGS STREET", "city": "VANCOUVER B C CANADA", "state": "A1", "zip": "00000", "phone": "6044821211"}, "former-company": [{"former-conformed-name": "CHANNEL I INC", "date-changed": "19950324"}, {"former-conformed-name": "CHANNEL I LTD", "date-changed": "19931119"}, {"former-conformed-name": "ATHENA VENTURES INC", "date-changed": "19920703"}]}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                       Pursuant to Sections 13 or 15(d) of
                       The Securities Exchange Act of 1934

--------------------------------------------------------------------------------

      Date of Report (Date of earliest event reported): February 16th, 1998

--------------------------------------------------------------------------------

                          WAVERIDER COMMUNICATIONS INC.
               --------------------------------------------------
               (Exact name of registrant as specified in charter)

                                     NEVADA
         --------------------------------------------------------------
         (State or other jurisdiction of incorporation or organization)

              0-25680                              33-0264030
     ---------------------------              ----------------------
      (Commission File Number)                  (I.R.S. Employer
                                              Identification Number)

            204 - 595 Howe Street, Vancouver, BC., Canada, V6C 2T5
            ------------------------------------------------------
            (Address of Principal Executive Offices and Zip Code)

                                (604) 482-1211
             ----------------------------------------------------
             (Registrant's telephone number, including area code)

        (Former name or former address, if changed since last report)
Item 9.     Sales of Equity Securities Pursuant to Regulation S.

1.  Authorization for Sale and Issuance of Common Stock Units. On February 16th,
1998, WaveRider Communications Inc., (the "Company"), completed the distribution
of 500,000  Common  Stock Units at the price of  U.S.$1.00  per Unit,  each Unit
consisting  of One(1) share of Common  Stock of the Company,  and One (1) Common
Stock Purchase Warrant ("Class E Warrants"),  each Class E Warrant entitling the
holder thereof to purchase One (1) share of the Company's  Common Stock from the
date of issuance until  February  15th,  1999, at a price of U.S. One dollar and
twenty-five  cents,  (U.S. $1.25) per share. The Common Stock Units were offered
and sold outside the United States of America in reliance upon Rule 903(c)(2) of
Regulation S under the Securities Act of 1933, as amended, (the "Act"). No value
was assigned nor any part of the Unit  purchase  price  allocated to the Class E
Warrants.

Signatures:

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly caused this current  report on Form 8-K to be signed on its
behalf by the undersigned thereunto duly authorized.

Dated:  February    16th,   1998.

                                          WaveRider Communications Inc.

                                    Per: /s/ D.B.Sinclair
                                             --------------------------
                                             Bruce Sinclair, President