Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 14

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 14
---
if any) levied
against the Fund; brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund; costs of borrowing
money including interest expenses or engaging in other types of leverage financing; dividend and/or interest expenses and other costs
associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares or other instruments for the purpose
of incurring leverage; fees and expenses of any underlying funds in which the Fund invests; dividend and interest expenses on short positions
taken by the Fund; fees and expenses, including travel expenses and fees and expenses of legal counsel retained for the benefit of the
Fund or directors of the Fund who are not officers, employees, partners, stockholders or members of the Adviser or its affiliates; fees
and expenses associated with and incident to stockholder meetings and proxy solicitations involving contested elections of directors,
stockholder proposals or other non-routine matters that are not initiated or proposed by the Adviser; legal, marketing, printing, accounting
and other expenses associated with any future share offerings, such as rights offerings and shelf offerings, following the Fund’s
initial offering; expenses associated with tender offers and other share repurchases and redemptions; and other extraordinary expenses,
including extraordinary legal expenses, as may arise, including, without limit, expenses incurred in connection with litigation, proceedings,
other claims and the legal obligations of the Fund to indemnify its directors, officers, employees, stockholders, distributors and agents
with respect thereto. Prior to October 1, 2022, the Adviser served as investment subadviser to the Fund. Because the Fund pays the Adviser
a management fee based on Managed Assets, the Adviser is paid more if the Fund uses leverage directly, which creates a potential conflict
of interest for the Adviser. The Adviser will seek to manage that potential conflict by utilizing leverage only when it determines such
action is in the best interests of the Fund.

| S-12 |

Benefits to the Adviser

The Adviser will benefit from the Offer because
its fee is based on the Fund’s Managed Assets. See “Management of the Fund” on page 67 of the accompanying Prospectus.
It is not possible to state precisely the amount of additional compensation the Adviser will receive as a result of the Offer because
the proceeds of the Offer will be invested in additional portfolio securities, which will fluctuate in value. However, assuming all Rights
are exercised at the estimated Subscription Price of $11.71 and