UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

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

 -------------------------------------------------------------------------------
       Date of Report (Date of earliest event reported): December 8, 2000
 -------------------------------------------------------------------------------


                          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)



         255 Consumers Road, Suite 500, Toronto, Ontario, Canada     M2J 1R4
--------------------------------------------------------------------------------
               (Address of principal executive offices)             (Zip Code)



                                 (416) 502-3200

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



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






                                       1
<PAGE>




Item 5.    Sale of convertible notes

On December 12, 2000, WaveRider Communications Inc. announced it had finalized a
private  financing  agreement  that may result in  proceeds  of up to (U.S.) $27
million by the end of its fiscal year in December,  2001.  The financing will be
used to fund WaveRider's sales activities,  new product launches, entry into new
product categories and other working capital needs.

Under a Securities  Purchase  Agreement,  dated  December 8, 2000,  with Capital
Ventures  International,  a  Cayman  Islands  unlimited  liability  corporation,
WaveRider  received $5 million  dollars in exchange for a 2 year 6%  convertible
note,  five  year  warrants  to  purchase  2,461,538  shares  of  common  stock,
exercisable  at $3.35  per  common  share,  and one year  warrants  to  purchase
5,907,692  shares of common stock,  exercisable at $2.539 per common share.  The
convertible note will  automatically be converted to shares of common stock upon
the effective date of a registration  statement,  on Form S-3, which the Company
plans to file within 20 days of the  closing of the  Agreement.  The  conversion
rate for the convertible note will be the lesser of $2.4375 or 90% of the market
price of the stock at the time the registration statement become effective.

In addition, 30 days after the registration  statement becomes effective,  or 90
days after the closing  whichever is later (the "second  closing"),  the Company
will sell an additional $7 million in 2 year 6% convertible  notes and five year
warrants.  The second  convertible  notes will be  convertible  at the lesser of
$2.64 per  share or 90% of the  market  price at the time a second  registration
statement  becomes  effective.  The 5 year warrants  connected  with this second
offering will be exercisable at 1.65% of the market price at the second closing.
The completion of the second closing is subject to  satisfaction  of a number of
conditions,  including a minimum  average  Closing  Bid Price for the  Company's
common stock equal to or greater than $1.75 per share.

As part of the terms of the arrangement, if, after June 8, 2001, six months from
the initial agreement,  the average bid price of the common stock is equal to or
greater than $3.81 the Company may, in its  discretion,  require the exercise of
the one year  warrants.  Alternatively,  if the Company  were to proceed with an
underwritten public offering of shares, it could require the holders to exercise
or relinquish  their rights under the one year warrants.  If these warrants were
to be exercised in full, the Company would receive an additional $15 million.

         Exhibits

10.1     Security Purchase Agreement between WaveRider  Communications  Inc. and
         Capital Ventures International dated December 8, 2000.

10.2     First Convertible Note dated December 8, 2000

10.3     Second Convertible Note, to be completed at the Second Closing

10.4     Class J Warrant,  for the right to purchase  2,461,538 Shares of Common
         Stock at an exercise  price of $3.35 per common share,  for a period of
         five years, ending December 8, 2005

10.5     Class K Warrant,  for the right to purchase  5,907,692 Shares of Common
         Stock at an exercise price of $2.539 per common share,  for a period of
         one year ending December 8, 2001

10.6     Class L Warrant,  for the right to purchase a number of shares equal to
         $7 million based on the market price of the Company's  Shares of Common
         Stock on the date of the Second Closing.

10.7     First Registration Rights Agreement

10.8     Second Registration Rights Agreement

<PAGE>




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:  December 12, 2000



                                                WaveRider Communications Inc.

                                                Per: /s/ Bruce Sinclair
                                                     -------------------------
                                                     Bruce Sinclair, President
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{"company-data": {"conformed-name": "WAVERIDER COMMUNICATIONS INC", "cik": "0000844053", "assigned-sic": "4813", "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": "788926"}, "business-address": {"street1": "255 CONSUMERS ROAD SUITE 500", "street2": "TORONTO", "city": "ONTARIO", "state": "A6", "zip": "00000", "phone": "4165023200"}, "mail-address": {"street1": "255 CONSUMERS ROAD SUITE 500", "street2": "TORONTO", "city": "ONTARIO", "state": "A6"}, "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

                                 CURRENT REPORT

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

 -------------------------------------------------------------------------------
       Date of Report (Date of earliest event reported): December 8, 2000
 -------------------------------------------------------------------------------

                          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)

         255 Consumers Road, Suite 500, Toronto, Ontario, Canada     M2J 1R4
--------------------------------------------------------------------------------
               (Address of principal executive offices)             (Zip Code)

                                 (416) 502-3200

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

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

                                       1
Item 5.    Sale of convertible notes

On December 12, 2000, WaveRider Communications Inc. announced it had finalized a
private  financing  agreement  that may result in  proceeds  of up to (U.S.) $27
million by the end of its fiscal year in December,  2001.  The financing will be
used to fund WaveRider's sales activities,  new product launches, entry into new
product categories and other working capital needs.

Under a Securities  Purchase  Agreement,  dated  December 8, 2000,  with Capital
Ventures  International,  a  Cayman  Islands  unlimited  liability  corporation,
WaveRider  received $5 million  dollars in exchange for a 2 year 6%  convertible
note,  five  year  warrants  to  purchase  2,461,538  shares  of  common  stock,
exercisable  at $3.35  per  common  share,  and one year  warrants  to  purchase
5,907,692  shares of common stock,  exercisable at $2.539 per common share.  The
convertible note will  automatically be converted to shares of common stock upon
the effective date of a registration  statement,  on Form S-3, which the Company
plans to file within 20 days of the  closing of the  Agreement.  The  conversion
rate for the convertible note will be the lesser of $2.4375 or 90% of the market
price of the stock at the time the registration statement become effective.

In addition, 30 days after the registration  statement becomes effective,  or 90
days after the closing  whichever is later (the "second  closing"),  the Company
will sell an additional $7 million in 2 year 6% convertible  notes and five year
warrants.  The second  convertible  notes will be  convertible  at the lesser of
$2.64 per  share or 90% of the  market  price at the time a second  registration
statement  becomes  effective.  The 5 year warrants  connected  with this second
offering will be exercisable at 1.65% of the market price at the second closing.
The completion of the second closing is subject to  satisfaction  of a number of
conditions,  including a minimum  average  Closing  Bid Price for the  Company's
common stock equal to or greater than $1.75 per share.

As part of the terms of the arrangement, if, after June 8, 2001, six months from
the initial agreement,  the average bid price of the common stock is equal to or
greater than $3.81 the Company may, in its  discretion,  require the exercise of
the one year  warrants.  Alternatively,  if the Company  were to proceed with an
underwritten public offering of shares, it could require the holders to exercise
or relinquish  their rights under the one year warrants.  If these warrants were
to be exercised in full, the Company would receive an additional $15 million.

         Exhibits

10.1     Security Purchase Agreement between WaveRider  Communications  Inc. and
         Capital Ventures International dated December 8, 2000.

10.2     First Convertible Note dated December 8, 2000

10.3     Second Convertible Note, to be completed at the Second Closing

10.4     Class J Warrant,  for the right to purchase  2,461,538 Shares of Common
         Stock at an exercise  price of $3.35 per common share,  for a period of
         five years, ending December 8, 2005

10.5     Class K Warrant,  for the right to purchase  5,907,692 Shares of Common
         Stock at an exercise price of $2.539 per common share,  for a period of
         one year ending December 8, 2001

10.6     Class L Warrant,  for the right to purchase a number of shares equal to
         $7 million based on the market price of the Company's  Shares of Common
         Stock on the date of the Second Closing.

10.7     First Registration Rights Agreement

10.8     Second Registration Rights Agreement
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:  December 12, 2000

                                                WaveRider Communications Inc.

                                                Per: /s/ Bruce Sinclair
                                                     -------------------------
                                                     Bruce Sinclair, President