UPDATE 1-Sprott Resource unit to raise C$100 mln

* Sprott's Orion unit to raise C$100 mln

* Subscription receipts to be priced at C$5 each

* Part of the Wintraysan-Orion consolidation process

TORONTO, Oct 15 (Reuters) - Canadian investment firm Sprott Resource Corp (SCP.TO) said on Thursday its wholly owned unit, Orion Oil & Gas Ltd, will raise C$100 million ($97 million) from the sale of subscription receipts to finance its consolidation with Wintraysan Capital Corp (WTSp.V).

Sprott, which invests in the natural resources sector, said the Orion receipts will be priced at C$5 each and exchanged for one common share of the New Orion entity after the reverse takeover by Wintraysan.

Proceeds of the offering will be held in escrow pending regulatory approval of the New Orion deal, Sprott said.

The financing is being made on a best efforts agency basis, with a syndicate of agents co-led by Cormark Securities Inc, FirstEnergy Capital Corp and TD Securities Inc. ($1=$1.03 Canadian) (Reporting by Andrea Hopkins; editing by Peter Galloway)