Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 13

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 13
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| Total Annual Expenses                            | 6.69%                                                                                                                        |

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, assuming (1) payment in year 1 of a commission of 1.00% on the
investment and estimated offering costs of $168,238, (2) “Total annual expenses” of 6.69% of its net assets in years 1 through
10 and (2) a 5% annual return.

|                         | 1 year | 3 years | 5 years | 10 years |
| Total Expenses Incurred |    $66 |    $194 |    $317 |     $609 |

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

| (1) | Represents the estimated commission and offering costs with respect to the Common Shares being sold under                                       
 this Prospectus Supplement and the accompanying Prospectus. There is no guarantee that there will be any sales of Common Shares under           
 this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying 
 Prospectus, if any, may be less than as set forth under “Capitalization” below. In addition, the price per Common Share of                      
 any such sale may be greater or less than the price set forth under “Capitalization” below, depending on market price of the                    
 Common Shares at the time of any such sale.                                                                                                     |

| (2) | There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the                                 
 dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or if you direct the plan agent to 
 sell your Common Shares held in a dividend reinvestment account.                                                                       |

| (3) | The management fee paid by the Fund to the Adviser is essentially an all-in fee structure (the “unified                                      
 management fee”), including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other           
 services. However, the Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in       
 the table above, that are not covered by the unified management fee. The unified management fee is charged as a percentage