Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 9

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 9
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with respect to sales of Common Shares at a commission rate of 1.00% of the gross proceeds of the sale of Common Shares. Out of this
commission, the Distributor will compensate the Sub-Placement Agent at a rate of up to 0.80% of the gross sales proceeds of the sale
of the Common Shares sold by the Sub-Placement Agent.

Use of Proceeds

Unless otherwise specified in this
Prospectus Supplement, the Adviser anticipates that investment of the proceeds will be made in accordance with the Fund’s investment
objective and policies as appropriate investment opportunities are identified. It is currently anticipated that the Fund will be able
to invest substantially all of the net proceeds of an offering of Common Shares in accordance with its investment objective and policies
within three months after the completion of such offering. Pending such investment, the proceeds will be held in high quality short-term
debt securities and instruments. A delay in the anticipated use of proceeds could lower returns and reduce the Fund’s distribution
to holders of Common Shares (“Common Stockholders”).

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<div align='center'>DIVIDENDS</div>

The Board of Directors of the Fund
(the “Board”) approved an amended distribution policy, under which the Fund intends to make regular monthly distributions
to stockholders at a constant and fixed (but not guaranteed) rate that is reset annually to a rate equal to a percentage of the average
of the Fund’s NAV per share (the “Distribution Amount”), as reported for the final five trading days of the preceding
calendar year (the “Distribution Rate Calculation”). The Distribution Amount is set by the Board and may be adjusted from
time to time. The Fund’s intention is that monthly distributions paid to stockholders throughout a calendar year will be at least
equal to the Distribution Amount (plus any additional amounts that may be required to be included in a distribution for federal or excise
tax purposes) and that, on the close of the calendar year, the Distribution Amount applicable to the following calendar year will be reset
based upon the new results of the Distribution Rate Calculation. At times, to maintain a stable level of distributions, the Fund may pay
out less than all of its net investment income or pay out accumulated undistributed income, or return capital, in addition to current
net investment income. Any distribution that is treated as a return of capital generally will reduce a stockholder’s basis in his
or her Common Shares, which may increase the capital gain or reduce the capital loss