Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 27

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 27
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31, 2022, the Board approved rights offerings to participating shareholders of record who were allowed to subscribe for new common shares
of the Fund. Record date shareholders received one right for each common share held on the respective record dates. For every three rights
held, a holder of the rights was entitled to buy one new common share of the Fund. Record date shareholders who fully exercised all rights
initially issued to them in the primary subscription were entitled to buy those common shares that were not purchased by other record
date shareholders. The Fund issued new shares of common stock at 95% of NAV per share for the October 2, 2020 rights offering, and at
97.5% of NAV per share for the October 1, 2021 rights offering. Offering costs were charged to paid-in-capital upon the exercise of the
rights.

The shares of common stock issued, subscription
price, and offering costs for the rights offerings were as follows:

| Record Date      |     | Expiration Date  |     | Shares of common stock issued |           |     | Subscription price |       |     | Gross Proceeds |            |     | Offering costs |         |     | Net Proceeds |            |
|:-----------------|:----|:-----------------|:----|:------------------------------|----------:|:----|:-------------------|------:|:----|:---------------|-----------:|:----|:---------------|--------:|:----|:-------------|-----------:|
| October 1, 2021  |     | November 5, 2021 |     |                               | 4,373,407 |     | $                  | 16.81 |     | $              | 73,516,972 |     | $              | 191,237 |     | $            | 73,325,735 |
| October 14, 2022 |     | November 8, 2022 |     |                               | 2,752,078 |     | $                  | 11.97 |     | $              | 32,942,374 |     | $              | 208,954 |     | $            | 32,733,420 |

RiverNorth Opportunities Fund, Inc.

On August 31, 2018, the Fund entered into a sales
agreement with Jones Trading Institutional Services LLC ("Jones"), under which the Fund was permitted to offer and sell up to
3,300,000 of the Fund's common