Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 32

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 32
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 ACCOMPANY AN EXECUTED SUBSCRIPTION CERTIFICATE
TO BE ACCEPTED.

If the aggregate Subscription Price paid by
a Record Date Stockholder is insufficient to purchase the number of Common Shares that the holder indicates are being subscribed for,
or if a Record Date Stockholder does not specify the number of Common Shares to be purchased, then the Record Date Stockholder will be
deemed to have exercised first, the Primary Subscription Rights (if not already fully exercised) and second, the Over-Subscription Privilege
to the full extent of the payment tendered. If the aggregate Subscription Price paid by such holder is greater than the Common Shares
he or she has indicated an intention to subscribe, then the Rights holder will be deemed to have exercised first, the Primary Subscription
Rights (if not already fully subscribed) and second, the Over-Subscription Privilege to the full extent of the excess payment tendered.

Any payment required from a holder of Rights
must be received by the Subscription Agent by the Expiration Date, or if the Rights holder has elected to make payment by means of a notice
of guaranteed delivery, on the first Business Day after the Expiration Date. Whichever of the two methods of payment described above is
used, issuance and delivery of the Common Shares purchased are subject to collection of checks and actual payment pursuant to any notice
of guaranteed delivery.

Within six Business Days following the Expiration
Date (the “Confirmation Date”), documentation will be sent by the Subscription Agent to each holder of Rights (or, if the
Common Shares are held by Cede or any other depository or nominee, to Cede or such other depository or nominee), showing (i) the number
of Common Shares acquired pursuant to the Primary Subscription, (ii) the number of Over-Subscription Shares, if any, acquired pursuant
to the Over-Subscription Privilege, (iii) the per Common Share and total purchase price for the Common Shares and (iv) any excess to be
refunded by the Fund to such holder as a result of payment for Common Shares pursuant to the Over-Subscription Privilege which the holder
is not acquiring.

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Any excess payment to be refunded by the Fund
to a holder of Rights, or to be paid to a holder of Rights as a result of sales of Rights on his or her behalf by the Subscription Agent
or exercises by Record Date Stockholders of their Over-Subscription Privilege, will be mailed by the Subscription Agent to the holder
within ten Business