RiverNorth Opportunities Fund, Inc. Announces Final Results of Rights Offering

Rhea-AI Summary

RiverNorth Opportunities Fund, Inc. (NYSE: RIV) has successfully completed its rights offering, issuing 575,706 new common shares. The offering, which closed on November 6, 2020, generated approximately $8.1 million in gross proceeds at a subscription price of $14.08 per share. As of September 30, 2020, the Fund had $140.3 million in net assets and 9.4 million shares outstanding. The Fund's goal is total return through capital appreciation and current income, with investors advised to review associated risks and fees before investing.

Positive

• Successfully raised approximately $8.1 million through the rights offering.
• Issued 575,706 new common shares, potentially increasing liquidity.
• Fund continues to focus on total return strategy, appealing to income-oriented investors.

Negative

• Subscription price of $14.08 reflects a discount from net asset value, which may indicate investor caution.
• Total net assets still relatively small at $140.3 million, potentially limiting investment options.

DENVER, Nov. 11, 2020 /PRNewswire/ -- RiverNorth Opportunities Fund, Inc. (NYSE: RIV) (the "Fund") is pleased to announce the successful completion of its transferable rights offering (the "Offering") and the final results thereof. The Fund will issue a total of 575,706 new common shares as a result of the Offering, which closed on November 6, 2020 (the "Expiration Date").

The subscription price of $14.08 per share in the Offering was established on the Expiration Date based upon a formula equal to 95% of the Fund's reported net asset value per share on the Expiration Date.  Gross proceeds received by the Fund, before any expenses of the Offering, are expected to total approximately $8.1 million.

This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy. Investors should read the prospectus supplement and accompanying prospectus and consider the investment objective, risks, fees and expenses of the Fund carefully before investing. To obtain a copy of the prospectus supplement and accompanying prospectus or the Fund's annual report or semi-annual report, each of which contains this and other information about the Fund, visit www.rivernorthcef.com or call 855.830.1222. Please read them carefully before investing.

RiverNorth Opportunities Fund, Inc.

The investment objective of the Fund is total return consisting of capital appreciation and current income. The Fund had approximately $140.3 million of net assets and 9.4 million shares of common stock outstanding as of September 30, 2020.

The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund is trading in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value. ALPS Advisors, Inc. is the investment adviser to the Fund. RiverNorth Capital Management, LLC is the investment sub-adviser to the Fund. RiverNorth is not affiliated with ALPS or any of its affiliates.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology. Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

About ALPS Advisors

ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. Headquartered in Denver, CO with over $12.14 billion under management as of September 30, 2020, ALPS Advisors is an open architecture boutique investment manager offering portfolio building blocks, active insight and an unwavering drive to guide clients to investment outcomes across sustainable income, thematic and alternative growth strategies. For more information, visit www.alpsfunds.com/.

RiverNorth Capital Management, LLC

RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member.

ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc. and ALPS Advisors, Inc. are affiliated.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

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SOURCE RiverNorth Opportunities Fund, Inc

FAQ

What is the total amount raised by RiverNorth Opportunities Fund in the rights offering?

Approximately $8.1 million was raised.

How many new common shares were issued by RiverNorth Opportunities Fund?

A total of 575,706 new common shares were issued.

What was the subscription price for the shares in the rights offering?

The subscription price was $14.08 per share.

What are the net assets of RiverNorth Opportunities Fund as of September 30, 2020?

The net assets were approximately $140.3 million.

When did the rights offering for RiverNorth Opportunities Fund close?

The rights offering closed on November 6, 2020.