Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 12

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 12
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262,686,867 |   |     | $           | 430,323,629 |   |
| Liquidation Preference of Preferred Shares                                                                                 |     | $                 |  97,750,000 |   |     | $           |  97,750,000 |   |
| Net assets, plus the liquidation preference of Preferred Shares                                                            |     | $                 | 360,436,867 |   |     | $           | 528,073,629 |   |

| * | As adjusted paid-in capital reflects a deduction for estimated offering expenses of $168,238 and commissions paid to the Distributor 
 of $1,695,000 (representing an estimated commission paid to the Distributor of 1% of the gross sales price per share).               |

<div align='center'>SUMMARY OF FUND EXPENSES</div>

The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares would bear, directly or indirectly.
The table is based on the capital structure of the Fund as of December 31, 2024.

The table shows Fund expenses as
a percentage of net assets attributable to Common Shares. The following table should not be considered a representation of the Fund’s
future expenses. Actual expenses may be greater or less than those shown below.

| Stockholder                                           
 Transaction Expenses                                  | As                
 a Percentage      
 of Offering Price |
| Sales Load (1)                                        | 1.00%             |
| Expenses Borne by Common Stockholders of the Fund (1) | 0.10%             |
| Dividend Reinvestment Plan Fees                       | None              
 (2)               |

| S-4 |

| Annual                                           
 Expenses                                         | As                                                                                                                           
 a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 27.12% of the Fund’s Managed 
 Assets                                                                                                                       |
| Management Fee (3)                               | 1.77%                                                                                                                        |
| Leverage costs (4)(6)                            | 0.04%                                                                                                                        |
| Dividend and Interest Expense on Short Sales (6) | 0.20%                                                                                                                        |
| Dividends on Preferred Shares(5)                 | 2.15%                                                                                                                        |
| Other Expenses (6)                               | 0.13%                                                                                                                        |
| Acquired Fund Fees and Expenses (7)              | 2.40%                                                                                                                        |