WEST COAST VENTURES GROUP CORP. (OTCMKTS:WCVC) Files An 8-K Other EventsItem 8.01 – Other Events
Effective April 30, 2018, the Company’s CEO and spouse cancelled 7,000,000 shares of common stock, each, totaling 14,000,000 shares of common stock cancelled. The Company’s issued and outstanding common stock shares subsequent to these cancellations is 18,203,271 shares.
This reduction has resulted in Labry’s Fund, LP, beneficial owners of 1,546,727 shares of common stock of the Company’s, to control 8.497% of the total issued and outstanding common stock shares. (see Footnote 14a to the financial statements in the Company Form 10-K filed on April 17, 2018).
Labry’s presently holds a warrant exercisable for cash at any time for 500,000 common stock shares of the Company. The Company has been advised that this Labry’s warrant although presently not yet exercised results in Labry’s beneficial ownership of the Company as an affiliate shareholder for purposes of section 13 (d) share calculation controlling 2,046,727 common stock shares of the Company.
The Company has been advised that the warrant is required to be treated as fully exercised on the date of the calculation, for purposes of Section 13 (d) calculation only. Such addition of 500,000 common stock shares to the shares already held by Labry’s, for purposes of Section 13 calculation results in Labry’s controlling 11.24% of the total issued and outstanding common stock shares of the Company, therefore Labry’s is an affiliate shareholder of the Company.
The Labry’s warrant contains a beneficial ownership restriction and contemporaneously includes a clause allowing a waiver of this restriction. The Company has been advised that providing a waiver of this beneficial ownership restriction causes the restriction to be non-binding and to fail under Section 13.
The Labry’s warrant is the second of two warrants originally held by Labry’s, both authored by Labry’s legal counsel.
About WEST COAST VENTURES GROUP CORP. (OTCMKTS:WCVC)
West Coast Ventures Group Corp., formerly Energizer Tennis, Inc., is a development-stage company. The Company is engaged in developing, producing and selling instructional tennis videos to the global tennis community. The Company is focused on investing in and acquiring technology companies within the United States and abroad, as well as discovering existing synergies that offer the opportunity to expand the Company’s footprint. The Company, through its subsidiary, GameRevz, Inc. (GameRevz), has focused on the United States-based, online video gaming and entertainment industry. GameRevz is also creating a quick response (QR) code revenue sharing business strategy. As of January 31, 2016, the Company had not generated any revenues.