RiverNorth Opportunities Fund Inc. (NYSE: RIV) is pleased to announce
that it will issue a total of 1,564,710 new shares of common stock (the
“Common Shares”) as a result of the Fund’s rights offering which expired
on November 9, 2017 (the “Expiration Date”).
In response to high investor demand, the Board of Directors of the Fund
elected to exercise the Fund’s over-subscription privilege in full (as
described in the Fund’s Prospectus dated October 10, 2017) thereby
increasing the Common Shares available for subscription by 25% over the
primary offering. The total new Common Shares to be issued will consist
of 1,251,768 shares issued related to the Fund’s primary subscription of
shares and 312,942 shares issued related to the Fund’s secondary
over-subscription of shares. The secondary over-subscription shares will
be allocated pro-rata among record date stockholders who
submitted over-subscription requests based on the number of rights
originally issued to them by the Fund.
The subscription price of $19.54 per share was established on the
Expiration Date, which represented 95% of the market price per Common
Share, based on the average of the last reported sales price of a Common
Share on the New York Stock Exchange for the five trading days preceding
the Expiration Date. The Common Shares to be issued in connection with
the rights offering will be entitled to participate in the Fund’s
November 2017 announced distribution.
The RiverNorth Opportunities Fund, Inc.
The investment objective of the Fund is total return consisting of
capital appreciation and current income. The Fund had approximately
$77.5 million of total assets and 3.75 million Common Shares outstanding
as of October 31, 2017.
An investor should consider the Fund's investment objectives,
risks, charges and expenses carefully before investing. To obtain an
annual report or semi-annual report which contains this and other
information, visit www.rivernorthcef.com
or call 855.830.1222. Please read them carefully before investing.
Shares of closed-end investment companies frequently trade at a
discount from their net asset value and initial offering prices. The
risks associated with this characteristic of closed-end investment
companies may be greater for investors expecting to sell their shares in
a relatively short period after completion of the initial public
The Fund is a closed-end fund and does not continuously issue shares for
sale as open-end mutual funds do. Since the initial public offering, the
Fund now trades in the secondary market. Investors wishing to buy or
sell shares need to place orders through an intermediary or broker. The
share price of a closed-end fund is based on the market's value.
ALPS Advisors, Inc. is the investment adviser to the Fund.
RiverNorth Capital Management, LLC is the investment sub-adviser to the
Fund. RiverNorth Capital Management, LLC is not affiliated with ALPS
Advisors, Inc. or any of its affiliates.
About ALPS - Advisor for the Fund
Through its subsidiary companies, ALPS Holdings, Inc. is a leading
provider of innovative investment products and customized servicing
solutions to the financial services industry. Founded in 1985,
Denver‐based ALPS delivers its asset management and asset servicing
solutions through offices in Boston, New York, Seattle, and Toronto.
ALPS is a wholly owned subsidiary of Kansas City‐based DST Systems, Inc.
For more information about ALPS and its services, visit www.alpsinc.com.
Information about ALPS’ products is available at www.alpsfunds.com.
About 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.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
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