Did you post this issue on the official forums as well? I see you included the relevant logs in this post, so now I have a better idea of what is going on.
18:31:20.10 VIDEO -- Graphics Card Memory [244 MB] Texture Memory Available [224 MB].
The video card is reporting far less memory than it really has. Can you make sure you are running the latest AMD drivers? If you are (please check the site before saying you are running the latest, they update frequently) then try the second-most-recent version. It might be a driver bug where it is reporting video memory incorrectly. Thanks.