Company: RIV
Filing Date: 2025-08-25
Form Type: 497AD
Source: 0001398344-25-016557
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Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-08-25
Form: 497AD
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<div align='center'>RIVERNORTH OPPORTUNITIES FUND, INC.
ANNOUNCES TRANSFERABLE RIGHTS OFFERING</div>

West Palm Beach, FL– August 25,
2025 – RiverNorth Opportunities Fund, Inc. (NYSE: RIV) (the “Fund”) announces that its Board of Directors (the
“Board”) has authorized and set the terms of an offering to the Fund’s common stockholders of rights to purchase
additional shares of common stock of the Fund.

In this offering, the Fund will issue
transferable subscription rights (“Rights”) to its common stockholders of record as of September 11, 2025 (the
“Record Date” and such stockholders, “Record Date Stockholders”) allowing the holder to subscribe for new
shares of common stock of the Fund (the “Primary Subscription”). Record Date Stockholders will receive one Right for
each share of common stock held on the Record Date. For every three Rights held, a holder of Rights may buy one new share of common
stock of the Fund. Record Date Stockholders who exercise their Rights will not be entitled to distributions payable during September
2025 on shares issued in connection with the Rights Offering, but they will be entitled to distributions payable during October 2025
on these shares. The Rights are expected to be listed and tradable on the New York Stock Exchange (“NYSE”) under the
ticker: RIV.RT.

Record Date Stockholders who fully exercise all Rights
initially issued to them in the Primary Subscription will be entitled to buy those shares of common stock that are not purchased by other
Record Date Stockholders.

The subscription price per share of common stock will
be determined based upon a formula equal to 92.5% of the reported net asset value or 95% of the market price per share of common stock,
whichever is higher on the Expiration Date (as defined below). Market price per share of common stock will be determined based on the
average of the last reported sales price of a share of common stock on the NYSE for the five trading days preceding (and not including)
the Expiration Date. The subscription period will expire on October 6, 2025, unless extended by the Board (the “Expiration Date”).

The rights offering will be made pursuant to the Fund’s currently effective shelf registrationstatement on file with the Securities and Exchange
Commission (“SEC”) and only by means of a prospectus supplement and accompanying prospectus. A final prospectus