I had the same error message, and the problem was also the metadata part of the connection string, but I had to dig a little deeper to solve it and wanted to share this little nugget:
The metadata string is made up of three sections that each look like this:
res://
(assembly)/
(model name).(ext)
Where ext is "csdl", "ssdl", and "msl".
For most people, assembly can probably be "*", which seems to indicate that all loaded assemblies will be searched (I haven't done a huge amount of testing of this).
This part wasn't an issue for me, so I can't comment on whether you need the assembly name or file name (i.e., with or without ".dll"), though I have seen both suggested.
The model name part should be the name and namespace of your .edmx file, relative to your assembly.
So if you have a My.DataAccess assembly and you create DataModels.edmx in a Models folder, its full name is My.DataAccess.Models.DataModels. In this case, you would have "Models.DataModels.(ext)" in your metadata.
If you ever move or rename your .edmx file, you will need to update your metadata string manually (in my experience), and remembering to change the relative namespace will save a few headaches.