I'd say the Epiphone faded G-400. Not really metal though.
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Are you going to be looking to buy one?

1977 Burny FLG70
2004 EBMM JP6
2016 SE Holcolmb
Ibanez RG350 was one of my best buys for £300. Some may argue that the Edge III trem lets it down, I say poppycock.
Without knowing what exact kind of metal you mean here, I would say that the Epiphone Gothic Explorer is a nice solid guitar for under 300 that is pretty all around metal. I mean what could be more metal than a black explorer? Although the Ibanez SilverSpurs suggested is a solid choice too so long as you know what you are doing with the trem.
What kind of Metal?

Oh well... something like this:

It's a V shape in the Gibson/Epi style. It's a Jeff Waters sig (I don't know who that is) but looking at the specs it looks pretty good. There's nicer looking Vs I think but considering the price and the specs... pretty good.

I've not played it but going back to the type of Metal you're interested in a pickup swap may be necessary.
Ibanez RGA32
Good neck, decent shape, active pickups and it's hardtail, so you can easily alter tunings
I have a Tony Iommi Epi SG for £400, you could probably get it used for around £300 - I love it, it's great for the price.
Spin 'round carousel when your horse isn't screwed in.

My band:
Fractured Instinct
(For fans of Death/Groove/Prog Metal)

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Last edited by Offworld92 at Jul 10, 2011,
Ibanez RG2EX1 that is what I started with and it sounds pretty good. Then when I got more cash I bought myself a Ibanez RGA-42FM.