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): July 14, 2003

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


                          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)




<PAGE>


Item 5.    Sale of convertible debenture

On July 14, 2003, WaveRider Communications Inc., a Nevada corporation
("WaveRider"), executed a Securities Purchase Agreement with Crescent
International Ltd. and Palisades Master Fund L.P. for the sale by WaveRider of
$1,600,000 in principal amount of convertible debentures for $1,504,000. The
debentures convert into common stock with a conversion price of $.4318. The
conversion price is subject to adjustment if the average closing price of the
common stock of WaveRider is below $0.5182 for each of the 20 consecutive
trading days before the conversion date. In such a case, upon notification of
conversion, WaveRider has the option of issuing shares of common stock based on
a conversion price equal to 95% of the average of the lowest three closing
prices during such 20 day period or paying cash equal to 120% of the principal
amount being converted. Under certain circumstances, WaveRider has the option to
redeem all of the debentures for cash. WaveRider also issued common stock
purchase warrants to purchase 1,019,108 shares of common stock at an exercise
price of $.4121 per share. These warrants are exercisable for 5 years. WaveRider
will file a registration statement for the resale of the common stock upon
conversion of the debentures and exercise of the warrants.

In conjunction with the transaction, the Company paid GreenLight (Switzerland)
SA fees of $45,120 and legal costs of Crescent in the amount of $10,000.

The net proceeds of this offering will be used for general working capital
purposes.

This private placement was exempt from registration pursuant to Section 4(2) of
the Securities Act of 1933, as amended.

Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits

           (c)    Exhibits

                  4.1      Form of convertible debenture dated July 14, 2003

                  4.2      Form of Series R common stock purchase warrant dated
                           July 14, 2003

                  99.1     Press release dated July 15, 2003

                  99.2     Securities Purchase Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.

                  99.3     Registration Rights Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.



<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:  July 17, 2003

                                   WAVERIDER COMMUNICATIONS INC.

                                   By: /s/ Bruce Sinclair
                                       ----------------------------------------
                                       Bruce Sinclair, Chief Executive Officer


<PAGE>


                                  Exhibit Index

                  4.1      Form of convertible debenture dated July 14, 2003

                  4.2      Form of Series R common stock purchase warrant
                           dated July 14, 2003

                  99.1     Press release dated July 15, 2003

                  99.2     Securities Purchase Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.

                  99.3     Registration Rights Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.
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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": "03792924"}, "business-address": {"street1": "255 CONSUMERS ROAD SUITE 500", "street2": "TORONTO", "city": "ONTARIO CANADA", "state": "A6", "zip": "M2J 1R4", "phone": "4165023200"}, "mail-address": {"street1": "255 CONSUMERS ROAD SUITE 500", "street2": "TORONTO", "city": "ONTARIO CANADA", "state": "A6", "zip": "M2J 1R4"}, "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): July 14, 2003

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

                          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)
Item 5.    Sale of convertible debenture

On July 14, 2003, WaveRider Communications Inc., a Nevada corporation
("WaveRider"), executed a Securities Purchase Agreement with Crescent
International Ltd. and Palisades Master Fund L.P. for the sale by WaveRider of
$1,600,000 in principal amount of convertible debentures for $1,504,000. The
debentures convert into common stock with a conversion price of $.4318. The
conversion price is subject to adjustment if the average closing price of the
common stock of WaveRider is below $0.5182 for each of the 20 consecutive
trading days before the conversion date. In such a case, upon notification of
conversion, WaveRider has the option of issuing shares of common stock based on
a conversion price equal to 95% of the average of the lowest three closing
prices during such 20 day period or paying cash equal to 120% of the principal
amount being converted. Under certain circumstances, WaveRider has the option to
redeem all of the debentures for cash. WaveRider also issued common stock
purchase warrants to purchase 1,019,108 shares of common stock at an exercise
price of $.4121 per share. These warrants are exercisable for 5 years. WaveRider
will file a registration statement for the resale of the common stock upon
conversion of the debentures and exercise of the warrants.

In conjunction with the transaction, the Company paid GreenLight (Switzerland)
SA fees of $45,120 and legal costs of Crescent in the amount of $10,000.

The net proceeds of this offering will be used for general working capital
purposes.

This private placement was exempt from registration pursuant to Section 4(2) of
the Securities Act of 1933, as amended.

Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits

           (c)    Exhibits

                  4.1      Form of convertible debenture dated July 14, 2003

                  4.2      Form of Series R common stock purchase warrant dated
                           July 14, 2003

                  99.1     Press release dated July 15, 2003

                  99.2     Securities Purchase Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.

                  99.3     Registration Rights Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.
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:  July 17, 2003

                                   WAVERIDER COMMUNICATIONS INC.

                                   By: /s/ Bruce Sinclair
                                       ----------------------------------------
                                       Bruce Sinclair, Chief Executive Officer
Exhibit Index

                  4.1      Form of convertible debenture dated July 14, 2003

                  4.2      Form of Series R common stock purchase warrant
                           dated July 14, 2003

                  99.1     Press release dated July 15, 2003

                  99.2     Securities Purchase Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.

                  99.3     Registration Rights Agreement dated July 14, 2003,
                           between WaveRider Communications Inc., Crescent
                           International Ltd. and Palisades Master Fund L.P.