Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 5

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 5
---
 the holders of common stock pay all expenses related to the issuance of debt or use of leverage, any use of leverage would create
a greater risk of loss for the shares of common stock than if leverage is not used. The Fund currently anticipates that if employed, leverage
will primarily be obtained through the use of bank borrowings or other similar term loans. The provisions of the 1940 Act further provide
that the Fund may borrow or issue notes or debt securities in an amount up to 33 1/3% of its total assets or may issue preferred shares
in an amount up to 50% of the Fund’s total assets (including the proceeds from leverage). In accordance with Rule 18f-4 under the
1940 Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain
asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions
as “derivatives transactions” and comply with Rule 18f-4 with respect to such transactions.

On March 9, 2023, the Fund
entered into a credit agreement with BNP Paribas (“BNP Credit Agreement”). The BNP Credit Agreement permits the Fund to borrow
funds that are collateralized by assets held at BNP Paribas pursuant to the agreement. Under the terms of the BNP Credit Agreement, the
Fund may borrow up to $25,000,000 bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities
pledged as collateral. Any unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of
the facility until a utilization of 80% or greater is met.

While the Fund is using leverage, the amount
of the fees paid to the Adviser for investment advisory and management services are higher than if the Fund did not use leverage because
the fees paid are calculated based on the Fund’s Managed Assets, which include assets purchased with leverage. Therefore, the Adviser
has a financial incentive to leverage the Fund, which creates a conflict of interest between the Adviser on the one hand and the shareholders
of the Fund on the other.

Leverage involves special risks. There can
be no assurances that a leveraging strategy will be successful. See “Use of Leverage” and “Risks—Leverage Risks”
in the