Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 20

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 20
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 of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which 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. |

| (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 26.68% of Managed Assets, assuming interest and fees on leverage of 2.23%, 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 purpose of the table and the example above
is to help investors understand the fees and expenses that they, as Stockholders, would bear directly or indirectly. For additional information
with respect to the Fund’s expenses, see “Management of the Fund” on page 46 of the accompanying Prospectus.

| S-16 |

<div align='center'>CAPITALIZATION</div>

The following table sets forth the Fund’s
capitalization using figures for the Offer as of August 22, 2025:

| ● | on a historical basis as of June 30, 2025.                                                                                                                                                                                                                                                                                                                                                                                                                                |
|:--|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | on a pro forma as adjusted basis to reflect (1) the assumed sale of 7,158,000 of the Fund’s Common Shares at $11.71 per share (the estimated the Subscription Price) in an offering under this Prospectus Supplement and the accompanying Prospectus, and (2) the investment of net proceeds assumed from such offering in accordance with the Fund’s investment objective and policies, after deducting the estimated offering expenses payable by the Fund of $201,572. |

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