I don't think your PSU would even be able to power the R9-290X. Your PSU uses three +12V rails instead of a single rail, meaning that when you go to plug that six pin and eight pin power connector you're most likely going to be using two of those three 12V rails and your PSU physically will not be able to deliver enough power to the GPU.
That aside I still wouldn't recommend using a 500W PSU unless it was a SeaSonic 80+ Platinum or similar unit that can actually drive ~499W on the +12V rail.