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Home>RiverNorth Opportunities Fund Announces Rights Offering

RiverNorth Opportunities Fund Announces Rights Offering

RiverNorth Opportunities Fund Announces Rights Offering


RiverNorth Opportunities Fund Announces Rights Offering

The Board of Directors of RiverNorth Opportunities Fund Inc. (NYSE: RIV) has authorized and set the terms of an offering to the Fund’s shareholders of rights to purchase additional common shares of the Fund.

The Fund is issuing transferable subscription rights (“Rights”) to its common shareholders of record as of October 12, 2017 (the “Record Date” and such shareholders, “Record Date Shareholders”) who will be allowed to subscribe for new common shares of the Fund (the “Primary Subscription”). Record Date Shareholders will receive one Right for each common share held on the Record Date. For every three Rights held, a holder of Rights may buy one new common share of the Fund. Record Date Shareholders who exercise their Rights will not be entitled to distributions payable during October 2017 on shares issued in connection with the Rights Offering. The Rights are expected to be listed and tradable on the NYSE under the ticker: RIV RT.

Record Date Shareholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those common shares that are not purchased by other Record Date Shareholders. In addition, the Fund, in its sole discretion, may elect to issue additional common shares in an amount of up to 25% of the common shares issued in the Primary Subscription.

The subscription price per common share will be determined based upon a formula equal to 92.5% of the reported net asset value or 95% of the market price per common share, whichever is higher on the Expiration Date (as defined below). Market price per common share will be determined based on the average of the last reported sales price of a common share on the NYSE for the five trading days preceding the Expiration Date.

The rights offering is subject to the effectiveness of the Fund’s Registration Statement currently on file with the Securities and Exchange Commission (the “SEC”) and will be made only by means of a prospectus. The Fund anticipates that the offering will expire on or about November 9, 2017 (the “Expiration Date”), unless extended by the Board.

A final Registration Statement relating to the securities has not been made with the SEC as of the date of this release. These securities may not be sold nor may offers to purchase be accepted prior to the time the Registration Statement becomes effective with the SEC.

This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy. Investors should read the prospectus, when available, and consider the investment objective, risks, fees and expenses of the Fund carefully before investing.

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