Company: RIV
Filing Date: 2025-03-21
Form Type: N-2/A
Source: 0001398344-25-005840
Chunk: 85

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-21
Form: N-2/A
Chunk 85
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 to the person is entered in a proceeding based on a finding in the proceeding that the person’s action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding.

The Fund’s Charter authorizes the Fund, to the maximum extent permitted by Maryland law to obligate the Fund to indemnify and advance expenses to the Fund’s directors and officers. The Fund’s Bylaws provide that the Fund will indemnify its officers and directors against liabilities to the fullest extent permitted by Maryland law and the 1940 Act, including the advancement of costs and expenses under the procedures and the fullest extent permitted by law. The rights of indemnification provided in the Fund’s Charter and Bylaws are not exclusive of any other rights which may be available under any insurance or other agreement, by resolution of shareholders or directors or otherwise.

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Authorized Shares

The Fund’s Charter authorizes the issuance of 37,500,000 Common
Shares, 3,910,000 of which have been re-classified as Series A Preferred Stock, and authorizes a majority of the Fund’s
Board, without shareholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of
stock of any class or series that the Fund has the authority to issue, to authorize the issuance of shares of the Fund’s
common and preferred stock, and to classify and reclassify any unissued shares into one or more classes or series of stock and
set the terms thereof. The authority of a majority of the Fund’s Board to increase the Fund’s authorized capital stock
or any class or series thereof without shareholder approval, may be used by the Fund’s Board consistent with its duties
to deter attempts to gain control of the Fund. Further, the Board could authorize the issuance of Preferred Shares with terms
and conditions that could have the effect of discouraging a takeover or other transaction that some of the Fund’s shareholders
might believe to be in their best interests.

Anti-Takeover Provisions of Maryland Law

Maryland Business Combination Act

The provisions of the Maryland Business Combination Act (the “MBCA”) do not apply to a closed-end investment company, such as the Fund, unless it has affirmatively elected to be subject to the MBCA by a resolution of its board of directors. To date, the Fund has not made such an election but may make such an election under Maryland law at any time. Any such election