* Says to petition the British Columbia Securities Commission

* Petition to cease the rights issued under Klondex's plan

July 15 (Reuters) - Canada's Silvercorp Metals Inc (SVM.TO), which has launched an unsolicited bid for Klondex Mines Ltd (KDX.TO), said it plans to petition against Klondex's new shareholder rights plan.

Vancouver, British Columbia-based Silvercorp also said that as long as Klondex's shareholder rights plan remains in place, it will not take up any shares of Klondex tendered to its offer.

"Silvercorp intends to petition the British Columbia Securities Commission during the week of July 13, to cease trade the rights issued under the Klondex shareholder rights plan," the company said in a statement.

The two companies have been involved in a takeover battle, as Silvercorp offered 0.50 of its common share for each share of Klondex, while Klondex recommended its shareholders to reject the unsolicited takeover bid, saying that the offer significantly undervalues its assets.

In June, Klondex adopted a new shareholder rights plan, that provided its board with the discretion to defer the timing of the separation of rights from the common stock and waived the application of its previous shareholder plan.

Last month, Klondex also completed a private placement of 1.7 million shares of common stock at C$1.75 per share to China Mineral United Management Limited (CMU) for gross proceeds of about C$3.0 million.

Silvercorp said in the event of its offer being terminated withdrawn, or otherwise unsuccessful, Klondex share price may decline "precipitously."

Shares of Silvercorp closed at C$3.38 Tuesday, while those of Klondex closed at C$1.65 on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore, Editing by Dinesh Nair) ((ashutosh.joshi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ashutosh.joshi.reuters.com@reuters.net))