Company: RIV
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001398344-25-006352
Chunk: 9

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 9
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 may fluctuate over time. Acquired Fund Fees and Expenses are borne        
 indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the               
 table will differ from that presented in the Fund’s financial highlights.                                                                     |

The purpose of the table above and the example below
is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses shown
in the table under “Other Expenses” and “Total annual expenses” assume that the Fund has not issued any additional
Common Shares.

Example (8)

The example illustrates the expenses that you would
pay on a $1,000 investment in Common Shares, assuming (1) that the Fund incurs total annual expenses of 6.69% of its net assets in years
1 through 10 and (2) a 5% annual return.

26

|                         |     | 1 year |    |     | 3 years |     |     | 5 years |     |     | 10 years |     |
|:------------------------|:----|:-------|---:|:----|:--------|----:|:----|:--------|----:|:----|:---------|----:|
| Total Expenses Incurred |     | $      | 66 |     | $       | 196 |     | $       | 321 |     | $        | 615 |

| (8) |     | The example does not include sales load or estimated offering costs. The example should not be considered a representation of future expenses. 
 The example assumes that the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions           
 are reinvested at net asset value and that the Fund is engaged in leverage of 27.12% of Managed Assets, assuming interest and fees on          
 leverage of 6.00%, including the unused borrowing fee paid on the line of credit for the BNP Facility (defined below), as well as the          
 Fund’s continued use of Preferred Shares. The interest and fees on leverage is expressed as a dividend rate and represents dividends           
 paid on Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may              
 be greater or less than the hypothetical 5% annual return shown in the example.                                                                |

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than