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WUC's Q3 financial statement notes were less than transparent, including the following related party transaction note:

Pursuant to a consulting agreement, a US limited liability company owned by a person who is a director entered into a consulting contract with the Company effective April 1, 2016 to provide financial, advisory, and consulting services, including representing the Company to a variety of stakeholders for a six month term ending on September 30, 2016. Professional fees for the three and nine months ended September 30, 2016 were $45,000 and $75,000, respectively, related to this agreement.

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Turns out the LLC is Baobab Asset Management LLC owned by director Russell Fryer. The following news release was issued by Baobab on July 28, but no comparable release was issued by WUC:


Western Uranium Corporation Enters into a Consulting Agreement with Baobab Asset Management LLC

On July 28, 2016, Western Uranium Corporation entered into a consulting agreement with Baobab Asset Management LLC (the 'Consultant'), pursuant to which the Consultant, through Russell Fryer, is to provide consulting services to the company. Mr. Fryer, who is a director of the company, is the sole member and manager of the Consultant. The Agreement was made effective as of April 1, 2016 and is for a term ending on September 30, 2016. Each party has the right to terminate the Agreement at any time upon 30 days' written notice. Under the Agreement, the Consultant is to provide the following services: (1) Work directly with the executive management of global uranium, vanadium, steel and nuclear utilities for the benefit of the company; (2) introduce the company to the Department of Energy and Environmental Protection Agency leadership in order to advance Company objectives; (3) create market awareness of the benefits of nuclear energy as a carbon-free, green energy source of electricity; (4) interface with global utility companies in order to secure uranium supply contracts; (5) manage the marketing, media and investor relations activities of the company; (6) interact with global investment bankers to optimize the company's balance sheet; (7) meet and present with institutional and retail investors where required; and (8) present the company at investor conferences. For these services, the company agreed to pay the Consultant $30,000 for the month of April 2016 and compensation of $15,000 for each month thereafter, all payable on the first day of each month in arrears, or as may otherwise be agreed in writing by the parties. The company also agreed to reimburse the Consultant for all reasonable expenses including travel and accommodations associated with Consultant's activities and responsibilities under the Agreement.

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WUC did not disclose if Baobab actually provided the eight services or whether the consulting agreement was extended. Fryer, through Baobab, has sold 189,500 WUC shares since June 30.