According to Matt, this is a pinup for Coven 13, a comic that lasted only one issue due to the death of a its editor. This does not appear in the comic, so I am unsure whether it was a promotional pinup, or something that would have appeared in issue 2 or?
Coven 13 is notable for its personnel, in addition to Busch, it was created by Poison's Rikki Rocket and involved live models including the three ladies you see here.From left to right, they are: LeeAnn Tweeden, Mimi Palazon and Debbie Aronofsky.
Tweeden is a genuine celebrity, having been featured on several TV shows, currently The Best Damn Sports Show Period. She has fan sites and is fixture on girlie celebrity sites. She has been named one of the sexiest women in the world six years in a row (as of this writing) by FHM (reaching at least as high as #15). Mimi Palazon is busy in the movie business, mostly behind the camera and usually as a special effects makeup artist. She was mentioned by name in Rick Baker's Oscar acceptance speech. Debbi Aronofski is thanked in a Chicago album. The ladies actually look like this, except that Mimi's hair is about one third the length shown and the picture I have seen of Debbi has no piercings.