I have managed to crack this nut and signed CAB with test certificate.
First I have changed makecert call by adding -r parameter that stands for self-signing:
makecert.exe -sv "Demo.pvk" -n "CN=Gregor Primar SP,E=gprimar@gmail.com" "Demo.cer" -r
Next step was creating pfx using makecert not pvk2pfx any more:
makecert -sk GpSolutionsKey -iv "Demo.pvk" -n "CN=Gregor Primar SP" -ic "Demo.cer" -sr currentuser -ss my -sky signature -pe
This also imports pfx to user cert store (-sr currentuser).
Then I have opened mmc and add Certificates snap-inn (my user account). Selected personal certificate and exported to disc.
The last step was signing using following command:
signtool.exe sign /f "Demo.pfx" /p "pfx_password" /v "d:\Setup.cab"
And Setup.cab was successfully signed with Demo.pfx!