Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 33

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 33
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dividend or other distribution (together, a “Dividend”). Some brokers may automatically elect to receive cash on behalf of
Common Shareholders and may re-invest that cash in additional Common Shares.

Whenever the Fund declares a Dividend payable
in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The
Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described
below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”)
or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the New York Stock Exchange
(“NYSE”) or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions
per Common Share is equal to or greater than the net asset value per Common Share, the Plan Administrator will invest the Dividend amount
in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s
account will be determined by dividing the dollar amount of the Dividend by the Fund’s net asset value per Common Share on the payment
date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated
brokerage commissions (i.e., the Fund’s Common Shares are trading at a discount), the Plan Administrator will invest the Dividend
amount in Common Shares acquired on behalf of the participants in Open-Market Purchases.

In the event of a market discount on the payment
date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade
on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase
Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases. It is contemplated that the Fund will
pay monthly income Dividends. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share
exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the
net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had