Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 18

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 18
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68% and 3.34%, respectively) and the closing
price per Common Share was $11.30 (representing a discount to NAV of 5.68%).

Outstanding Securities

The following table provides information
about the Fund’s outstanding securities as of April 28, 2025:

| (1)                      |                -2 |                     -3 |                   -4 |
| Title of Class           | Amount Authorized | Amount Held by Fund or 
        for its account |   Amount Outstanding 
  Exclusive of Amount 
      Shown under (3) 
 As of April 28, 2025 |
| Common Stock             |        37,500,000 |                   None |           21,472,248 |
| Series A Preferred Stock |         3,910,000 |                   None |            3,910,000 |

<div align='center'>USE OF PROCEEDS</div>

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 Securities 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 Common Stockholders.

<div align='center'>PLAN OF DISTRIBUTION</div>

The Fund has entered into the Distribution
Agreement with ALPS Distributors, Inc., pursuant to which the Fund may offer and sell up to 15,000,000 Common Shares from time to time
through the Distributor in transactions that are deemed to be “at the market” as defined in Rule 415 under the Securities
Act. The minimum price on any day at which Common Shares may be sold will not be less than the Minimum Price, which will be equal to the
then current NAV per Common Share plus the per Common Share amount of the commission to be paid to the Distributor. The Fund and the Distributor
will determine whether any sales of Common Shares will be authorized on a particular day. The Fund and the Distributor, however, will
not authorize sales of Common Shares if the price per share of the Common Shares is less than the Minimum Price. The Fund and the