Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 17

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 17
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as of June 30, 2025. Actual expenses may be greater or less than those shown below.

| Stockholder Transaction Expenses |         |
| Sales Load                       | None    |
| Dividend Reinvestment Plan Fees  | None(1) |

| Expenses of the Offer                                                          |          |
| Offering Expenses Borne by Stockholders of the Fund                            
 (as a percentage of net assets attributable to Common Shares before the Offer) | 0.07%(2) |

| Annual Expenses                                 | As a Percentage of Net                        
 Assets                                        
 Attributable to Common                        
 Shares (Assuming the Use of Leverage Equal to 
 26.68%of the Fund’s Managed Assets)           |
| Management Fee(3)                               | 1.78%                                         |
| Leverage Costs(4)(5)                            | 0.04%                                         |
| Dividend and Interest Expense on Short Sales(5) | 0.16%                                         |
| Dividends on Preferred Shares(6)                | 2.19%                                         |
| Other Expenses(5)                               | 0.05%                                         |
| Acquired Fund Fees and Expenses(7)              | 2.21%                                         |
| Total Annual Expenses                           | 6.43%                                         |

| S-14 |

Expense Example (8)

The purpose of the following table is to help
a holder of Common Shares understand the fees and expenses that such holder would bear directly or indirectly. The following example illustrates
the expenses that you would pay on a $1,000 investment in Common Shares, including the estimated costs of the Offer to be borne by the
Stockholders of $201,572, assuming (1) that the Fund’s net assets following (and after giving effect to) the Offer do not increase
or decrease, (2) that the Fund incurs total annual expenses of 6.43% of its net assets in year 1 and 6.43% in years 2 through 10 and (3)
a 5% annual return.

|                         | 1 year | 3 years | 5 years | 10 years |
| Total Expenses Incurred |    $65 |    $189 |    $311 |     $599 |

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed.

| (1) | There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan.