Weakly-Supervised Video Grounding (WSVG) aims to localize events of interest in untrimmed videos with only video-level annotations. To date, most of the state-of-the-art WSVG methods follow a two-stage pipeline, i.e., firstly generating potential temporal proposals and then grounding with these proposal candidates. Despite the recent progress, existing proposal generation methods suffer from two drawbacks: 1) lack of explicit correspondence modeling; and 2) partial coverage of complex events. To this end, we propose a novel IteRative prOposal refiNement network (dubbed as IRON) to gradually distill the prior knowledge into each proposal and encourage proposals with more complete coverage. Specifically, we set up two lightweight distillation branches to uncover the cross-modal correspondence on both the semantic and conceptual levels. Then, an iterative Label Propagation (LP) strategy is devised to prevent the network from focusing excessively on the most discriminative events instead of the whole sentence content. Precisely, during each iteration, the proposal with the minimal distillation loss and its adjacent ones are regarded as the positive samples, which refines proposal confidence scores in a cascaded manner. Extensive experiments and ablation studies on two challenging WSVG datasets have attested to the effectiveness of our IRON.