Company: RIV
Filing Date: 2025-10-07
Form Type: 497AD
Source: 0001398344-25-018951
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Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-10-07
Form: 497AD
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<div align='center'>RiverNorth OpportunitIES Fund, INC.
Announces PRELIMINARY RESULTS OF Rights Offering</div>

West Palm Beach, FL– October 7, 2025
– RiverNorth Opportunities Fund, Inc. (the “Fund”) (NYSE: RIV) today announced the preliminary results of its transferable
rights offering (the “Offering”) that expired on October 6, 2025 (the “Expiration Date”). In the Offering, the
Fund received subscription requests for 5,906,588 shares of common stock from rights holders. Accordingly, the Fund expects to issue
5,906,588 new shares of common stock for these subscriptions, pending the receipt of payment for “delivery guaranteed” subscriptions,
on or about October 10, 2025. Gross proceeds from the Offering are expected to total approximately $70.6 million, before expenses.

The foregoing numbers are estimates only. The Fund
will announce the final results of the Rights Offering in a press release on or about October 8, 2025.

The Offering’s final subscription price per share was determined
to be $11.95. The subscription price was established pursuant to the terms of the Offering and based on a formula equal to 92.5% of the
Fund’s reported net asset value (“NAV”) per share on the Expiration Date. The NAV per share used in the formula described
above was $12.92.

As the final subscription price was higher than the original estimated
price of $11.71 per share, there are no excess payments to be returned to subscribing rights holders.

Shares of common stock issued pursuant to the Offering
will be record date shares for the purposes of the Fund's October 2025 distribution payable.

This press release shall not constitute an offer
to sell or constitute a solicitation of an offer to buy.

RiverNorth Opportunities Fund, Inc.

The investment objective of the Fund is total return
consisting of capital appreciation and current income. The Fund had approximately $275.3 million of net assets and 21.5 million shares
of common stock outstanding as of September 30, 2025.

The Fund is a closed-end fund and does not continuously
issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock
need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.

Risk is inherent in all investing